Nantucket Real Estate News Jun 11, 2021

Nantucket Real Estate Updates

Perked Ears and Piqued Interest

More so than ever because there are no rentals available for this summer, a big contingency of buyers are literally buying right now so they can be on Island this summer. A lot of the desirable sales listings are rented for the summer, so if a listing is available for this summer, it has a big competitive advantage over the listings that are rented. Definitely perks my ears and piques my interest when a buyer says they can't find a rental, but definitely plan to be here this summer:-)

The market continues to be very strong. The biggest issue is a lack of inventory. After hearing what their property is worth, I imagine some owners will get perked ears and piqued interest and test the market, but all in all, I think inventory is going to remain light.

Here are the YTD closed stats, which are incredible. And, at least another $200mm in the pipeline.

YTD as of June 11 in mm's
2009 $109 Lowest total yearly volume
2010 $204
2011 $171
2012 $254
2013 $165
2014 $318 $1bn+ year
2015 $280
2016 $372
2017 $323 $1bn+ year
2018 $392 $1bn+ year
2019 $314 $1bn+ year
2020 $301 $1bn+ year. Record year at $1.86bn
2021 $762

A Mutual Agreement

The Island is open once again and we are making it happen! With beautiful beach days, five star shopping and dining in full swing, and plenty of fish in the sea, everyone is happy to be on the Island!

COVID did slow down the construction process on the Island but team JPFCO is still making it happen. We have a client ready to sell their house and another client ready to buy their house. The hiccup is the seller's new property will not be ready until May. We worked a deal where we will still close this summer on the property but the seller rents the property back from the buyer until May! All it takes is a little creativity for team JPFCO to continue to make it happen on the lovely Island of Nantucket! Enjoy the sunshine.

A Town Meeting Recap

This past weekend, nearly 1,000 registered Nantucket voters gathered at the Backus Fields for the annual Nantucket Town Meeting and to determine the outcome of a few highly contested articles, including Article 90, a proposed limitation to short term rentals on island. Below is a recap of some of the more notable moments of the 9-hour meeting and what it means for Nantucket Real Estate.

The two most talked about articles leading up to the town meeting were handed significant defeats, both of which have a direct impact on Nantucket Real Estate.

The first, Article 90, proposed major short term rental restrictions. It was defeated by a vote of 625 to 297. The proposed article would have established a rental registry, setting limits on how often a home could be rented each year, and also limit things like the amount of people per bedroom in the given house. Short term rental restrictions would lead to fewer visitors each year, with an estimate of millions of dollars lost in wages and tax revenue

The other major topic of conversation was Article 97 which proposed reallocating 25% of the Land Bank’s revenue to the Affordable Housing Trust. The vote to reject this proposal was 573 to 205. There is major population growth on the island, and simultaneously public needs are increasing so it was argued to not be a good time to take a portion of their revenue, according to the commissioners of the Land Bank. Later in the meeting, however, voters did approve $16 million dollars to go toward affordable housing.

A few other things to consider from the weekend...

A proposal to prohibit pools on lot sizes under 7500 square feet was passed with a 2⁄3 majority and the setbacks were changed from 5 to 10 feet affecting homes right outside of town and in Sconset as well.

Voters also approved 110 to 40 an ACK Now proposal to prohibit the use of gas-powered leaf blowers by commercial businesses, in order to combat both noise and gas pollution on the island. Homeowners who do their own leaf blowing can continue to use a gas powered blower if they please. People have expressed that this may be the first step in transitioning to electric tools in construction and landscaping around Nantucket.

Voters narrowly adopted (106 to 103) a proposal by Jack McGrady to prohibit the construction of a rotary or traffic circle on a public way within 1000 feet of a public school. The proposal was specifically aimed to prevent a rotary from being developed on the corner of Surfside and Bartlett Roads. McGrady thinks that the three-way stop sign there now will prevent children from getting hurt.

A town proposal to appropriate an additional $2 million dollars towards a fieldhouse at Nobadeer Farm Road playing fields passed with ease.

We thank you all for your support of the Nantucket Real Estate community and look forward to continuing to work with you!

6 South Shore Road - $5,250,000

Stunning, custom Surfside property is beautifully and thoughtfully designed and furnished by Elisa Allen and Nantucket Looms, featuring a five bedroom house, one bedroom guest house with garage/cabana and heated pool/spa with exceptional attention to detail throughout. Conveniently located moments to beaches, one mile to Surfside beach, sitting directly on the bike path and within jogging distance to downtown. The house has an open layout that seamlessly connects the interior with exterior making it perfect for entertaining. The detached guest house has a one car garage, cabana, and wonderful second floor studio with high-end kitchen adding to the versatility of this property. The quality of craftsmanship is apparent throughout with many built-ins and tasteful trim details. Beautiful planting beds, hardscaping and a private yard abutting conservation land.

6 South Shore Road →