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Nantucket Real Estate Updates

Jul 11, 2020       Issue: 441

J Pepper Frazier Company
July 2020
 
 NEW LISTINGS VIEW ALL

Jul 10, 2020

Town
$3,895,000
 
 RECENTLY SOLD VIEW ALL 

Jul 10, 2020

Town
$3,226,000

Jul 7, 2020

Mid Island
$2,000,000

Jul 7, 2020

Town
$1,500,000

Jul 6, 2020

Town
$1,181,500
 

GROUND NOTES FROM DALTON
  And The Lights Went On

The rental and sales markets have been on serious roller coaster rides. When the virus hit, there were a ton of rental cancellations and multiple sales deals fell through. Then, June 8th came, the governor announced short-term rentals were allowed and there was an unprecedented surge of demand, especially for longer terms than usual and pools. Then, in the last few weeks, between pent up demand, low interest rates, decent stock market, the realization that a lot of people's work can be done remotely and the desire to be on Island, the sales market caught on fire and is still blazing. In the last three weeks, at least $225mm worth of property went under agreement. Considering that a $1bn year is considered a strong year, that is astonishing.

Expectations are everything. When you feel like you are moving in one direction, life takes you someplace different, and it might not be what you thought, but hopefully it turns out to be better than expected.
I was expecting Stidham to start for the Pats, which I was pumped about, but felt a bit lackluster. A whirlwind came to expectations and now Cam Newton's in New England and we're fired up about the season-bring it!!!

How anything, everything can change so quickly. Maybe expectations aren't everything.

Year over year comparison of YTD total volume:

'09 – $139mm *Lowest total yearly volume.
'10 – $250mm
'11 – $223mm
'12 – $287mm
'13 – $256mm
'14 – $393mm *$1bn+ year.
'15 – $330mm
'16 – $426mm
'17 – $408mm *$1bn+ year.
'18 – $487mm *$1bn+ year. Highest total yearly volume.
'19 – $423mm *$1bn+ year.
'20 – $344mm
 
 

LET'S MAKE IT HAPPEN WITH PEPPER II
  Come Together

It is very impressive the way the island is coming together during these trying times to make everything happen. The town is closing down the streets to allow for outdoor dining creating a romantic safe ambience for the restaurant goers to enjoy Nantucket's five star cuisine. The shops are open with people being respectful and waiting their turn to swipe that credit card for Nantucket's one of a kind goods. The grocery stores are monitoring the capacity of the shoppers making it smooth and safe to buy the fresh Nantucket Flounder, prime NY strip and Nantucket produce. The real estate community is working together to re-book rentals, safely show houses and making deals happen. The Island is filled with people that love Nantucket and it is great to see so many people enjoying Nantucket safely. Keep it up Nantucket, ACK all the way!!!

All the best,
Pepper
 
 

RENTAL MARKET UPDATE
  Phase III

All in all, Nantucket is in good shape to provide a great vacation! It is safe to say that the same amount of people are here as in a normal year, and they all seem very happy to be here! Now that the State of Massachusetts has entered into Phase III, life is starting to feel like normal! Well, the "new normal" that is.

The following businesses have been eligible to reopen, subject to industry-specific rules concerning capacity and operations:

-Movie Theaters and outdoor performance venues;

-Museums, cultural and historical sites;

-Fitness centers and health clubs;

-Certain indoor recreational activities with low potential for contact;

-Professional sports teams, under the authority of league-wide rules, may hold games without spectators

The Nantucket community has really adapted nicely to all the changes this season. We're seeing a lot of concierge companies step it up to offer top-notch service to houses all over the island. In addition, many visitors have fully respected the mandatory rule of masks in town and busy areas at all times. Beaches are more beautiful than ever and the sun continues to shine on our little island.

To learn more about the full guidance and list of businesses eligible to reopen in Step One of Phase III, please visit www.mass.gov/reopening.

Don't forget your mask and happy summer!
    Reopening Massachusetts  
 
FEATURED LISTING
8 Galen Avenue $4,895,000

Located on highly sought after Galen Avenue in the heart of Brant Point, the 4 bedroom, 4.5 bath house was complete new construction, top to bottom, completed in 2013 with the finest materials and craftmanship. The house, sited on an oversized lot, boasts open floor plan, several living areas, first floor master and multiple decks and porches including pet friendly bath area for cleaning and/or grooming. Rare offering not to be missed.
  8 Galen Avenue 
 
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