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JPFCO

Nantucket Real Estate Updates

Feb 11, 2020       Issue: 431

J Pepper Frazier Company
Waterviews
 
 New Listings VIEW ALL

Feb 10, 2020

Mid Island
$1,995,000

Feb 8, 2020

Cisco
$725,000

Feb 7, 2020

Surfside
$5,995,000

Feb 7, 2020

Sconset
$690,000
 
 Recently Sold VIEW ALL 

Feb 10, 2020

Mid Island
$755,000

Feb 6, 2020

Mid Island
$1,350,000

Feb 4, 2020

Town
$2,225,000

Feb 3, 2020

Mid Island
$1,400,000
 

GROUND NOTES FROM DALTON
  2020

The 2020 Annual Town Meeting Warrant has been adopted by the Select Board and the debating is set to start on April 4th at 9am. There are always a few articles that have the potential to drastically change the value of certain properties. The most obvious are zoning change articles. Let's say you own a 2 acre lot which is currently in 2-acre zoning, but there's an article on the Warrant to change the zoning from 2-acre to 1-acre, which would then allow you to sub-divide. If the article passes, all of a sudden you go from owning a, for example, $1.6mm 2 acre lot, to owning two $1.2mm 1 acre lots. Almost like owning Tesla stock... And then there are more subtle ones, like a current pool article that would only allow pools within certain zones that have a minimum lot size and setbacks. If the article passes and you happen to have a property that falls under this article that has an existing pool, but does not meet the requirements of the article, your property value just went up because of your now, pre-existing, non-conformity.

Fair weather, record high stock market and historically low interest rates are keeping the Nantucket real estate machine cranking.

Year over year comparison of YTD total volume:

'09 - $28mm *Lowest total yearly volume.
'10 - $42mm
'11 - $30mm
'12 - $43mm
'13 - $39mm
'14 - $74mm *$1bn+ year.
'15 - $96mm
'16 - $100mm
'17 - $85mm *$1bn+ year.
'18 - $128mm *$1bn+ year. Highest total yearly volume.
'19 - $77mm *$1bn+ year.
'20 - $117mm
 
 

LET'S MAKE IT HAPPEN WITH PEPPER II
  Winter Deals

We love doing deals in the winter; It makes you think of spring and feel like summer. The other day we were negotiating a deal and the difference just seemed too large of a gap for both the Seller and the Buyer. Time to make it happen the JPFCO way. The Seller had a house on the property and the Buyer did not want the house so the JPFCO Broker worked a deal with the Seller that if they would get rid of the house the Buyer would pay more. The JPFCO Broker arranged the deal for the demo of the house and was able to negotiate the gap between the Buyer and the Seller. If you want to make it happen and for your winter to feel like summer you know where to find us.
 
 

RENTAL MARKET UPDATE
  Favorite Winter Things

Winter on Nantucket is, well, pretty dead. The ferry schedule cuts back on the amount of trips back to "America", and half of the restaurants and shops close until spring. However, the island does have its own "je n'sais quoi" during the dreary winter months that makes it a lovely place to be this time of year.

Here are our top seven favorite things to do on this island during winter:
1. Taking a drive or a walk on the beach or trails
2. Supporting our Nantucket Whalers by attending an ice hockey game or basketball game
3. The Nantucket Atheneum for an educational or cultural program for all ages
4. Pickleball at the Nantucket Boys and Girls Club
5. Yoga at the Yoga Room
6. Cooking classes at Nantucket Culinary Center
7. Live music at Cisco Brewery on Friday nights

This time of year is very simple. It becomes a season for this small town to wind down and take a deep breathe from the bustling summer months and to re-focus. So if you're considering a quiet retreat away, perhaps you should consider Nantucket during the winter. Here's a sample of a wintertime routine: head to a yoga class, try taking up cooking, grab a book and watch the sunset. Repeat. That's winter on Nantucket. If this appeals, we know where there is a rental or two available!
 
 
FEATURED LISTING
22 Boulevarde $5,995,000

Breathtaking estate conceived through a collaboration between Fitch Construction, Normand Design and Olson Interiors. Sited on an oversized, beautifully landscaped 2.7 acre private lot abutting protected land just moments to Surfside beaches. The property features a 6 bedroom main house, garage with studio, pool cabana, 40' X 20' Pebble-Tec pool with automatic cover and spa, lush landscaping throughout, including several large yards, extensive hardscaping, including massive patio surrounding the pool running to the cabana, as well as room for a guest house and/or tennis court. Built with the highest end craftmanship and materials for the discerning buyer with timeless details. A/V throughout. Sold fully furnished and ready for August occupancy. This is the ultimate Nantucket retreat. You'll never leave...
  Link to View 22 Boulevarde 
 
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