Nantucket Real Estate Updates
J Pepper Frazier Company
A Bi-Weekly Newsletter About Nantucket Real Estate.
Oct 11, 2020
Nantucket Real Estate
Hummock Pond
Oct 10, 2020
Nantucket Real Estate
Oct 9, 2020
Nantucket Real Estate
Oct 9, 2020
Nantucket Real Estate
Oct 9, 2020
Nantucket Real Estate
Tom Nevers
Oct 9, 2020
Nantucket Real Estate

Hot off the Presses – over $1bn Sold…
I always find it amazing that what seem like benign issues, from a design flaw to the listing got stale, to a plentitude of other factors, can drastically affect value.

One would think, design flaw – furniture can fix that; listing got stale – drop the price a little and that will reinvigorate it, etc. But, it is not that simple.

Take 10 and 14 Pippens Way – same size lots that abut each other, almost same livable square footage 4,926 sf and 4,300 sf, respectfully. Both have pools, spas and cabanas, and similar quality finishes.

10 Pippens Way sold for $5.55mm on 8/20/2020. 14 Pippens Way sold for $4.6mm on 9/3/2020. That's basically a $1mm, or 20%, delta!

Why? Not entirely sure, but there is one glaring difference, 10 Pippens Way was on the market for 5 days; 14 Pippens Way was on the market for 526 days.

I'm a firm believer in pricing the property to sell right out of the gate. “Testing” the market can lead to the disastrous outcome of the listing getting stale, which makes buyers think there must be something wrong, which ultimately leads to a lower price.

The market continues to crank. It set a new record – the earliest it has broken the $1bn mark in a calendar year by far.

Year over year comparison of YTD total volume:

'09 – $256mm *Lowest total yearly volume.
'10 – $463mm
'11 – $370mm
'12 – $516mm
'13 – $507mm
'14 – $699mm *$1bn+ year.
'15 – $596mm
'16 – $712mm
'17 – $780mm *$1bn+ year.
'18 – $797mm *$1bn+ year. Highest total yearly volume.
'19 – $698mm *$1bn+ year.
'20 – $1.049bn *$1bn+ year.
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Making Grey Lady Dreams Come True
The sun is shining and we are still making dreams a reality on the island.

Sometimes it is difficult for a buyer to check all their boxes in an existing property, but this does not stop us from making it happen.

Recently, a buyer knew exactly what they wanted but the market did not have the product they were looking for. We went and found a piece of property that fit the bill. We then coordinated with the owner of the property to build the buyer's dream house. We worked through the details, inked up the deal, and are well on our way to making their dream come true.

Happy Fall to all!
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A Fuller Fall on Island
In years past, Nantucket has always found itself slowing down significantly after Labor Day. Summer traffic hotspots are suddenly clear, Stop n' Shop aisles are restocked, and the majority of noise on Main Street comes from tires rolling over the cobbles, not the cacophony of conversation.

However this year we find Nantucket playing host to travelers a while longer, with several of our island rental properties filled for the season. Tenants escaping the uncertainty of big cities and homeowners choosing a more creative alternative in the "work from home" initiative have found themselves experiencing the start of the Nantucket shoulder season, some for the first time.

If you are one of the many deciding to make Nantucket home for the rest of the year, we encourage you to immerse yourself in what some say is the island's best season. Although this fall looks a little different due to COVID-19, there are always activities on island to fill your days and entertain your evenings.

A wonderful fall tradition on Nantucket is the start of scallop season. Hailed as some of the greatest scallops in the world, Nantucket bay scallops are known to be smaller, sweeter, and exceedingly decadent. Scalloping season starts in October with family scalloping, a unique island tradition where anyone with a recreational shellfish license can enjoy scalloping throughout the entire month. On November 1st, commercial scalloping opens and ends March 31st.

And sometimes it's the simplest activities that are the most enjoyable. Try a stroll through fall foliage on the trails, a serene trip to the beach, a bike ride on the paths, and don't forget to enjoy the last few open weeks for some of the island's greatest restaurants.

Whether or not it's your first fall season on Nantucket, we welcome you 30 miles out to sea for what certainly is an incomparably beautiful autumn experience!
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24 York Street - $2,249,000
Perfect 3 bedroom, 3.5 bath jewel box with private sunken patio, off-street parking and gorgeous flowering plants. Great flow with well proportioned rooms. Strong rental history.
24 York Street →

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

Call Us: (508) 228-3202