Three bedroom home nestled in a wooden area on 1.37 acres. The expansive grounds and back porch are perfect for outdoor enjoyment, and the widow?s walk offers peeks of the Harbor. The current home, prime for carefree summer living, has the classic charm of Old Nantucket. There also exists the potential to build with alreadyContinue Reading
Listed in March for $750,000 11 Gray Avenue quickly got an accepted offer and sold over asking price for $802,560. Investment opportunity or fix up and enjoy this 3 bedroom home on 1.4 wooded acres. Potential subdivision into multiple lots may be possible.
Listed in October for $3,695,000 123 Cliff Road got an accepted offer in April, went under agreement in May and sold yesterday for $3,217,000. Classic Nantucket home located in desirable Cliff area with water views, deeded beach access and close proximity to the Westmoor Club. Five bedrooms, four baths with a garage set on overContinue Reading
Listed for $2,495,000 in September 216 Cliff Road sold for $2,250,000 yesterday. Four bedroom, 3.5 bath Cliff Road home with extensive landscaping, stonework and decks, including a private, recessed deck at the roof peak.
Listed in october for $1,245,000 36 Goldfinch Drive had one price reduction to $999,000, went under agreement in April and sold yesterday for $910,000. Spacious five bedroom home is in one of Naushop’s best locations. With three floors of living space, two family rooms, a covered porch, patio, and private yard, it nicely accommodates largeContinue Reading
April 2011
April sales totals for the Nantucket real estate market kept the pace set since the beginning of the year. Month over month, we were up on transaction numbers of houses and land sold on Nantucket, with 27 sales for April versus 21 last year. Dollar volume was also ahead of last April with $37,822,500 compared to $28,355,250 for April 2010. As we mentioned last month, the most significant difference from last year is that high-end real estate sales are lagging at this point in 2011. In 2010, there were ten sales over $3,000,000, totaling $59,811,000. In 2011 we have had six sales totaling $25,126,000. The difference is a discrepancy of $29,700,000 in total sales, year to date. We see little in the overall Nantucket real estate sales activity to indicate that 2011 will not mirror 2010.
As 2011 unfolds in the predicted manner, Great Point Properties still views this market as an excellent time to purchase real estate on Nantucket. At a recent Nantucket Bank breakfast, Stephen Andrews, Chief Economist for Sovereign Bank, stated that he believes that interest rates will be 150 to 200 basis points higher in 24 months. From a 5% rate baseline today, that represents a 40% increase in borrowing cost within two years. Couple that with the modest demand that is still holding Nantucket real estate prices to levels 25% to 30% below the 2005/2006 peaks, 2011 represents a clear-cut opportunity to buy property on the Island.
INFLATION AHEAD - YES
There are a variety of signs pointing to a future with inflationary
pressures. With the surplus of dollars created by massive deficit
spending, commodity prices have already seen significant increases. This
mirrors the early 1970’s when the Nixon adminstration used a similar
easy money policy to stimulate the economy. Those policies lead to a
decade of inflation. If inflation kicks in, real estate values will
escalate. Buying today, and taking advantage of 30-year fixed rates of
5%, will offer a tremendous advantage as inflation rears its head.
Assets will inflate as debt value is diminished in real terms. 2011
presents a tremendous buying opportunity with this combination of
historically low interest rates and relaxed real esate prices. Give
Great Point Properties a call to begin the journey. Nantucket awaits.
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