|Feb 6, 2021|
|Feb 5, 2021|
|Feb 5, 2021|
|Feb 5, 2021|
|Feb 4, 2021|
GROUND NOTES FROM DALTON
|Nantucket's legislature is determined by the registered voters of Nantucket who are eligible to vote on Articles of the Warrant issued by the Board of Selectpeople at the annual Town Meeting. The Articles vary from the benign of funding for a storage shed to the impactful of whether there should be a Land Bank fee. Citizens can submit Articles with only 10 signatures from Nantucket registered voters. Big decisions are made at Town Meeting and often at the hands of few...
One Citizen Warrant Article that is already causing a stir is from an organization called ACK-Now, which is proposing there be heavy restrictions on short-term rentals. Most notable highlights of the proposed Article are:
Residents can only rent their property a maximum of 90 days
Non-residents can only rent their property a maximum of 45 days
Vacation rentals have to be a minimum of seven days
Vacation tenants can only bring one car on Island
The main reason ACK-Now says they brought forth this Article is to help with affordable housing. It says, investors are buying up property, driving up prices and making property out of reach for island residents, so the town needs to restrict this behavior.
ACK-Now is generalizing the acts of one or two LLC's, that own several vacation rental properties across all property owners that rent. If this Article passes, there will be less tourists which means less shopping, less restaurant meals eaten, less charter fishing trips taken, etc., which means less money in the pockets of Island residents, which means less money to buy a home on Nantucket. Also, there will be less tax revenue from the 6% tax on short-term rentals, which means less money for affordable housing programs. So, this Article will probably have the opposite effect of the "intended" purpose.
Instead of trying to force this overreaching, property seizing Article upon us, why not incentivize for affordable housing? How about having a tax-break for those that rent their dwelling year-round instead of short-term or de-incentivize the LLC's from running vacation rental businesses by taxing at commercial rates or ??? Let's think macro, not micro on this.
Makes me wonder, is this Article about affordable housing or NIMBY?
LET'S MAKE IT HAPPEN WITH PEPPER II
|With the market as strong as ever, we are pulling out all the stops for our clients and digging deep to make deals happen. The limited inventory is pushing JPFCO's creativity to create new inventory to satisfy the demand that we are seeing for 2021. |
Recently, a client of ours bought a second property on island. Because of the interest of another party, we approached the client to see if they would sell their original property that wasn't currently on the market, with the caveat that they get use of the property for the month of July while the renovations on their new property were completed.
With the right negotiations, team JPFCO is able to pull a deal together between the two clients. Thinking and working outside the box, JPFCO is making it happen with another off the market deal!
|RENTAL MARKET UPDATE|
|Where the Sand Meets the Sea|
|The island was alive with excitement this past week as our biggest snow of the season arrived. Just around noon on Tuesday, snowflakes began to descend, rapidly increasing in size over the next hour until flakes the size of ping pong balls were drifting down to the Cobblestones.
Pacific National Bank at the top of Main Street looked every bit the part of a landmark in the center of a snow globe, as nearly two inches of snow fell. Photographers and locals alike were out all over the island trying to capture a photo that would do it all justice, but those who have seen it in person know none quite can.
Now that cold temperatures have settled in and the snow is here to stay for a while, we can't help but look forward to the days of sun, summer, and guests from all over populating our currently quiet streets.
It seems that we aren't the only ones anxious for summer, as rentals are booking at record rates, with some properties already booking considerable amounts of their rental availability!
If you are interested in traveling to Nantucket this summer and haven't already locked in your reservation, please don't hesitate to call J Pepper Frazier Company and learn more about what rentals are still available for your weeks of interest. We are sure that summer 2021 is going to be one of our best yet, don't miss a chance to journey back to the Grey Lady.
Even though there won't be snow left, the sand itself is enough of a reason to get excited about another summer on Nantucket!
|5 Autopscot Circle - $1,450,000|
|Perfectly located in the heart of Nashaquisset, "A Whale of a Tale" is a whaley great opportunity to own a turn-key 3 bedroom/3 full bathroom property (offered fully furnished) with an exceptionally strong rental history. Just steps to the Nashaquisset pool & tennis courts and convenient to downtown Nantucket, Surfside bike bath & beaches. This is one of the best values & hassle-free houses on the market today! A must see whale it lasts!