view this online | view past newsletters
JPFCO

Nantucket Real Estate Updates

May 11, 2020       Issue: 437

J Pepper Frazier Company
'Sconset Views
 
 NEW LISTINGS VIEW ALL

May 10, 2020

Cliff
$5,645,000

May 6, 2020

Town
$695,000

May 6, 2020

Shimmo
$3,865,000
 
 RECENTLY SOLD VIEW ALL 

May 8, 2020

Town
$2,400,000

May 1, 2020

Sconset
$1,807,000

May 1, 2020

Mid Island
$1,350,000

Apr 27, 2020

Tom Nevers
$1,915,000
 

GROUND NOTES FROM DALTON
  Beaches and BBQ's

Hope everyone is hanging in there. Extra special Happy Mother's Day to all the moms making it happen.

A Couple Trends:
- The sales market is slow because we haven't been able to show property. But, there are hungry buyers eager to lock in historically low interest rates (sub 3%).
- Although, there are many rental cancellation requests, there are also many rental requests for tenants to extend their stays and new rental requests are for longer time frames than typical.

A Few Predictions:
- Longer term rentals will become more common. Currently single week rentals account for 80% +/- of all summer leases; this number will decline for the foreseeable future.
- As long as the island is open for business, high-end retailers will do well. They'll be limited to amount of customers in their shops at a given time, so when it's a customer's turn to go into the shop, they'll be more ready to pull the trigger, as going for a second look won't be nearly as easy as past summers. And, there will be more "by appointment" business that will result in big ticket sales for the shopkeepers.
- Areas with bigger acreage will get hot.
- Pools will continue to be en vogue.
- There will be lots more beaching and bbqing this summer.

Year over year comparison of YTD total volume:
'09 - $97mm *Lowest total yearly volume.
'10 - $153mm
'11 - $124mm
'12 - $191mm
'13 - $116mm
'14 - $238mm *$1bn+ year.
'15 - $203mm
'16 - $286mm
'17 - $247mm *$1bn+ year.
'18 - $344mm **$1bn+ year. Highest total yearly volume.
'19 - $244mm *$1bn+ year.
'20 - $232mm


Remember, what doesn't break us makes us stronger and we ain't breaking!
 
 

LET'S MAKE IT HAPPEN WITH PEPPER II
  Win Win!

As we struggle through the Corona virus we at JPFCO are continuing to make dreams happen. We were working on a deal where the client had put a house under agreement with the Seller in residence. The deal was scheduled to close but the Seller was uncomfortable leaving their house and the Buyer still wanted to purchase the house. Time to make it happen. The Seller was building a brand new house with many similarities to the house under contract. The JPFCO broker was able to negotiate the Buyer to pay a slightly higher price for the new house due to the low interest rates and the seller was able to remain comfortably in their home, another win win!!! We are here to help make it happen at JPFCO because we always see both sides. Hope everyone is safe and sound.
 
 

RENTAL MARKET UPDATE
  Still Open

Many things have been "cancelled" in the last three months and there are still many unknowns in our world today. At JPFCO, we are still navigating what this summer season may bring, but are definitely staying hopeful and seeing positive changes throughout our island.

The State of Massachusetts Stay At Home Order is expected to be lifted on May 18, 2020, and as we approach the summer season, both islanders, visitors and summer residents, are adapting to the ever evolving changes positively. Instead of focusing on the "cancelled" events, our perception has shifted to what hasn't been cancelled or banned. Some of these include the beautiful May flowers coming into bloom, long walks on the beach, quality family time spent in the yard having a BBQ, and playing a round of golf at the public course, Miacomet Golf Course.

Landscapers are back working, over thirty restaurants are offering curbside pick up, take out and delivery, both Steamship and Hyline are running, and safety practices are being put into place for all businesses.

Our island, as well as the rest of the world, are entering into a new normal, and when it comes to Nantucket, if that new normal means spending more time at the beach or on trails or boats enjoying the island's natural landscape and clean air, then maybe our summer 2020 season will be a new and wonderful normal.
 
 
FEATURED LISTING
115 Surfside Road $4,895,000

Located on a landscaped acre moments to Surfside beaches, 115 Surfside Road features a custom, sophisticated 6 bedroom, 6 full, 2 half bath beach house with three levels of living space, pool cabana with loft and full bath and Pebble-Tec pool built in 2019 with multiple large yard areas. The rooms are generously proportioned with a great flow that seamlessly blends the interior with the exterior with the many French doors throughout. Stylish trim details and A/V throughout. Sold fully furnished. Rented for the 2020 season for approx. $300k gross.
  115 Surfside Road 
 
HOME  |  REAL ESTATE  |  RENTALS  |  NANTUCKET  |  JPFCO  |  NEWSLETTER

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

Call Us: (508) 228-3202