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JPFCO

Nantucket Real Estate Updates

Jan 11, 2020       Issue: 430

J Pepper Frazier Company
Winter Views
 
 New Listings VIEW ALL

Jan 9, 2020

Town
$16,000,000

Jan 7, 2020

Monomoy
$2,995,000

Jan 7, 2020

Mid Island
$1,345,000

Jan 3, 2020

Dionis
$3,299,000
 
 Recently Sold VIEW ALL 

Jan 8, 2020

Cliff
$2,300,000

Jan 7, 2020

Surfside
$2,525,000

Jan 6, 2020

Mid Island
$375,000

Jan 3, 2020

Town
$5,300,000
 

GROUND NOTES FROM DALTON
  Good Neighbor

If all transactions were included, the 2019 total volume was $1.005bn. If non-arm's length transactions are excluded, like affordable housing and some conservation purchases, the total volume was just under $1bn. Being the upbeat real estate broker I am, I'm going with Nantucket had another $1bn+ year.

If you go to sell on Nantucket, it often pays to have neighbors, especially high-end neighbors, because there is a decent chance your neighbor will be the highest bidder for your property. A few examples just from 2019 where the neighbor bought the listed neighbor's property:

40 Shawkemo Road, $23.9mm
36 Low Beach Road, $5.5mm
60 Walsh Street, $4.5mm
9 Cliff Road, $3.9mm
4 Shawkemo Road, $2.0mm
36 Crooked Lane, $1.98mm
12 Fulling Mill Road, $1.7mm

So, if you're going to sell your Nantucket property, make sure you're a good neighbor.

The Land Bank and Nantucket Conservation Foundation made some great buys in 2019. Notably:
LB - 174 Orange Street and 2 Milestone Road, 9 acres abutting the Monomoy Creeks.
LB - 39 Almanack Pond Road, 11 acres abutting hundreds of acres of conservation land.
LB - 101-103 Hummock Pond Road, 15 acres to continue to be used as farmland.
LB - 246 Milestone Road, 3 acres across Milestone Road from hundreds of acres of conservation land.
NCF - 204 Cliff Road, 14 acres abutting Maxey Pond.
 
 

LET'S MAKE IT HAPPEN WITH PEPPER II
  Timing & Taxes

Timing is everything and taxes are no fun. Here at JPFCO we understand this better than most and help our clients apply it in their transactions. The other day team JPFCO had a buyer/seller client. The client had purchased a new piece of property and put their property on the market. The Broker at JPFCO showed the property numerous times, a couple nibbles here a couple nibbles there, but no big bite.

Time ticked on and as being a team member of JPFCO, the Broker understood the ins and outs of a reverse 1031. The 180 day period for applying the reverse 1031 was quickly approaching, time to make it happen. The Broker took a nibble turned it into a bite, and saved their Seller $100's of thousands in taxes and their Buyer $100's of thousands on the purchase all within 1.5 hrs of the 180 day IRS guidelines for the reverse 1031 tax free exchange. The hoops and hurdles the Broker went threw to making it happen was nothing short of a marathon. We like to call it a win win and here's to making it happen in 2020!!!
 
 

RENTAL MARKET UPDATE
  Nantucket's Plastic Ban!

A new year, a new decade, a fresh start. And as we enter into 2020, the JPFCO team sees change on the horizon that will make a huge wave in the island environment to locals and visitors alike!

Ready? Here it is:

Nantucket is banning single-use plastics from commercial sale or distribution that will take effect on June 1, 2020.

Yes, you read right. Our island is banning single use plastic. The purpose? According to the Town and County of Nantucket, it is to protect Nantucket's single-source aquifer, marine life, scenic visage, historical status, reduce liter, and protect the health and safety of present and future generations.

At a Special Town Meeting held on October 10, 2018, Town Meeting voted to adopt a bylaw banning certain single-use plastics from commercial sale or distribution. The bylaw was approved by the Attorney General, and an internal Town Administration group is currently working on a public outreach campaign to educate the public and affected businesses about the ban.

The bylaw prohibits the following single-use, petroleum-based plastic products from being commercially sold or distributed:

Straws and drink stirrers
Six-pack can and bottle flexible yokes
Drinking cups and lids
Non-compostable plates and eating utensils
Drinking water in polyethylene terephthalate (PET or PETE) containers of 1 liter (34 ounces) or less. Note: most single-use plastic water bottles are made of PETE, identifiable by the plastic resin code
Non-recyclable coffee pods

It may seem like a lot to bite off, but here at J Pepper Frazier Company, we're here to support and help those on island, with embracing the change. The goal is to enhance the quality of life on our little island and always continue to make it the best place to be. For answers to questions and to learn more on this new bylaw, please visit the link below.
    Single Use Plastic Ban Bylaw  
 
FEATURED LISTING
15 Vestal Street $3,995,000

A rare In-town compound offering 4700+ sq ft of living area around the corner from Main Street on a quiet side street. The front house was originally built in 1726 as the Jailor's House for the "Gaol" and renovated in 2012. Meticulous renovation was performed by John Skinner and overseen by Matthew MacEachern of Emeritus Design. The over-sized lot consists of a 4 bedroom 3.5 bath main house, 2 bedroom 2.5 bath guest house and large studio with one bathroom. The manicured grounds and positioning of the dwellings lends itself to accommodate large groups or a multi-generational family. Many of the original details were restored while adding today's comforts including but not limited to central a/c, high end appliances, cathedral ceilings, full poured foundations and working fireplaces. All three structures are light filled that connect with the outdoor space and wood burning fire pit. Property may have the ability to be separated per 81L-subdivision. Two off street parking spots. Consistent combined rental income at nearly $200K annually. Wonderful opportunity to purchase a multi-generational compound with excellent opportunity to live in one, rent the other etc. Sold fully furnished. Some rentals have been booked for the 2020 season. Excellent investment opportunity.
  15 Vestal Street 
 
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