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JPFCO

Nantucket Real Estate Updates

Jun 11, 2020       Issue: 438

J Pepper Frazier Company
June Newsletter 2020
 
 NEW LISTINGS VIEW ALL

Jun 10, 2020

Town
$3,150,000

Jun 8, 2020

Surfside
$1,777,000
 
 RECENTLY SOLD VIEW ALL 

Jun 5, 2020

Tom Nevers
$2,300,000

Jun 3, 2020

Surfside
$3,100,000

Jun 2, 2020

Miacomet
$1,200,000

Jun 1, 2020

Cliff
$6,000,000
 

GROUND NOTES FROM DALTON
  Signs of Summer

Island's opening, fish are biting, flowers are blooming and the weather is gorgeous – all welcome breathes of fresh air...

This could be total rumor mill, but the best lockdown real estate story I heard was regarding the sale of a big estate, which sold for $23.5mm last month. The property was originally marketed as two separate parcels, one was listed for $16.75mm, the other for $11.475mm. Apparently, the Buyer originally put just the one listed for $16.75mm under agreement, but the sub-division into the two parcels had not been completed through Land Court by the time the virus hit. Land Court got shutdown, so the Buyer couldn't close on just the one parcel, but he really wanted to close. So, he made the logical move and closed on both – gotta love Nantucket real estate:-)

The rental market is surging and the sales market is showing signs of life. Considering March, April and much of May were crickets on the sales side, the numbers don't look too bad. Between pent up demand from the spring market or lack thereof, the 3rd and 4th quarters traditionally being our strongest quarters, historically low interest rates, strong stock market and people reflecting on where and how they want to spend their time more than ever, I predict the 3rd and 4th quarters are going to be strong.

Year over year comparison of YTD total volume:

'09 – $109mm *Lowest total yearly volume.
'10 – $189mm
'11 – $162mm
'12 – $254mm
'13 – $164mm
'14 – $317mm *$1bn+ year.
'15 – $252mm
'16 – $366mm
'17 – $316mm *$1bn+ year.
'18 – $392mm *$1bn+ year. Highest total yearly volume.
'19 – $313mm *$1bn+ year.
'20 – $294mm
 
 

LET'S MAKE IT HAPPEN WITH PEPPER II
  We Work Together

What it all comes down to is making it happen. Whatever the predicament or situation we work together to make it happen. We were working on selling one of our listings and while doing this we were also working on renting the listing. We booked the house solid with tenants. Just as the the summer was upon us the Buyer came to town but had one contingency, for the house to be tenant free. Large or small all our clients come first. Team JPFCO scrambled to fill the needs of the Seller, the Buyer and the Tenants. We reached out to family and friends, brokers worked hand in hand to ensure that all the clients were taken care of. With all the cooks in the kitchen we were still able to orchestrate the deals to everyone's satisfaction. Now that is the synergistic team work of JPFCO making it happen. During these pandemic times we are doing everything to help make everyone's experience as safe and pleasurable as possible.

We hope you have a great June and a Happy 4th of July!!!
 
 

RENTAL MARKET UPDATE
  Open For The Summer!

This year is definitely unlike any other year, but summer on Nantucket is starting to come around and really pop for season. Now that the state of Massachusetts is in the first stage of Phase II, we are seeing restaurants open for outdoor dining, retail stores welcoming a certain amount of people into their stores, and beaches come alive with people, socially distancing, of course.
As for rentals, all hotel and lodging are open and ready to go, with no events, meetings or functions. The JPFCO office has seen an upswing in people wanting to come to the island and are making their arrangements now. Cleaning guidelines have been set in place by the Nantucket Board of Health, and our office is feeling confident that Nantucket will surely have a wonderful season.

Better late than never
    Phase II Reopening Plan  
 
FEATURED LISTING
28 Morey Lane $2,875,000

Situated on a beautifully landscaped, oversized lot, "Les Fleurs" offers an updated 3 bedroom, 2.5 bath main house with open and airy rooms and recently expanded master bedroom, a 1 bedroom, 1 bath guest house built in 2005 with the highest level of craftmanship and materials with full basement that has rec/media room and laundry, and a free-standing garage. The property seamlessly connects the indoors with the outdoor living spaces. Timeless trim details throughout. Plenty of expansion possibilities. Strong rental history
  28 Morey Lane 
 
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One of the oldest and most experienced Nantucket real estate firms
JPFCO | 19 Centre Street Nantucket, MA 02554

Call Us: (508) 228-3202