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Nantucket Real Estate Updates

Jan 11, 2019       Issue: 401

J Pepper Frazier Company
Ferry Ticket Reminder
 New Listings VIEW ALL

Oct 4, 2019

 Recently Sold VIEW ALL 

Oct 1, 2019


Oct 1, 2019

Tom Nevers

Oct 1, 2019


Sep 30, 2019


  Happy and Healthy New Year

Another record year for the Nantucket real estate market - approx. $1.16bn in total volume. The next closest year was 2005 when the total volume was approx. $1.12bn, so very similar. However, there were big differences.

2018: 473 transactions, $2.45mm average sale price, $1.60mm mean sale price.
2005: 629 transactions, $1.78mm average sale price, $1.19mm mean sale price.

Glorious supply and demand.

The financial effects of the "Airbnb taxes" are yet to be seen. On one hand it could be a major stream of revenue for government, but on the other hand, will it weaken demand thereby decreasing the amount of commerce and making the total size of the revenue pie smaller? Classic example of bigger piece of a smaller pie or smaller piece of a bigger pie.

  Happy New Year!!!

Team JPFCO is looking forward to another great year making it happen. The other day one of our clients who owns a piece of vacant land wants to build a house and sell it, but they do not want to go through the process, nor pay for the build. Time to make it happen JPFCO style. We find another client that their business is to build and flip houses. Team JPFCO puts a value on the land, the cost of construction and the value of the finished product. The clients agree on the valuations and terms and off to the HDC we go.

  MA Short Term Rental Tax

The state of MA approved a Short Term Rental Tax on Dec 28, 2018. It is effective for lease contracts executed on or after Jan 1, 2019, with lease tenancy dates starting on or after July 1, 2019. If the lease was executed prior to January 1, 2019, or stay is previous to July 1, 2019, there is no tax. The state short term rental tax rate is 5.7% and it is the responsibility of the tenant. There are the following exemptions:

· A rental stay of 31 or more days to single tenant
· A tenant who is in active duty with the US military
· Rental houses that only rent 14 days or less per year

There is also a pending Local Nantucket tax that could be up to 6%. Further information will be announced as we are notified by the Nantucket Select Board, and pending Nantucket Annual Town Meeting on April 1, 2019.

Additionally there is a possibility of a Cape Cod and Islands Water Protection Fund tax of 2.75%. This tax is the most in-flux and details will be announced at a later date. There is also the possibility of up to an additional 3% tax for Homeowners who rent more than one rental property. Both of these taxes will be voted on at the Nantucket Annual Town Meeting.

At JPFCO we are diligently trying to keep you appraised of all information as soon as we receive it. If you have questions do not hesitate to contact us.
    Short Term Rental Tax FAQ  

  Calling all Grey Lady devotees!

The time has come to make your car ferry reservations for the 2019 Nantucket summer season! Starting January 15, 2019 at 5:00 a.m. The Steamship Authority will have prepaid reservations available for travel to Nantucket from May 15, 2019- October 23, 2019. Reservations can be made at the Steamship Authority website, link below.

Reservation requests will also be accepted through the mail, with up to five transactions (one-way or round-trip) accepted per mailing. All reservation mail requests will be processed as received, beginning on January 15, 2019. During this time the reservation office hours will be extended to 5:00 a.m. to 6:00 p.m. to provide support for internet/web customers.

This year the steamship authority has divided the Nantucket and Vineyard opening days and added extra IT support during the internet-only general openings to hopefully make reservations run smoother. If you need help or have questions please call the Steamship authority at (508) 477-8600 or (508) 693-9130.
    Steamship Authority Link  
» Short Term Rentals Now Subject to Rooms Tax
» Nantucket Real Estate Year in Review
» Nantucket at Center of Kevin Spacey Media Storm
» Nantucket Land Council Promotion

  The Holiday Season

I love this time of year. The Holiday Season. Whether it be for secular or for religious reasons. In my case, both. You don't have to be a Christian to enjoy this time of year. In fact, the most famous contemporary, and popular Christmas song, White Christmas, was written by a Jew, Irving Berlin. Of course, one of the great ironies of Christmas is that Jesus never saw snow and probably never envisioned it. Nantucket is a magical place at this time of year. Be it the Stroll or Santa on Main Street. Everybody seems to be in a good mood. Same in Boca Grande, although people don't start arriving here until the day after Christmas, Boxing Day. So-named because in England unused Christmas presents were 'boxed up' and distributed to the poor. So I hope you are enjoying the 'fruits' of the most generous country in the world, the Good Ol' USA . And don't forget, "Charity begins at home." Merry Christmas to one and all. And God Bless.

One of the oldest and most experienced Nantucket real estate firms
JPFCO | 19 Centre Street Nantucket, MA 02554

Call Us: (508) 228-3202