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
@INHERIT
SOME SIMILARITIES – SOME DIFFERENCES
2011 has been running nearly the same as 2010. The one major difference that is apparent in the Nantucket real estate market is total sales volume. I analyzed the sales activity at various price points to see how 2011 compares to 2010. What stands out is the discrepancy in Nantucket home sales of $10,000,000 and greater. In 2010 there were six transactions totaling nearly $100,000,000 in sales. This year there have been none!
In the land segment of the market, transactions are nearly the same as 2010, but dollar volume is well ahead of 2010. This is due to three purchases – a Great Point Properties sale in Medouie Creek for $8,000,000, a $12,625,000 sale off Cliff Road and a Land Bank purchase for $6,000,000. In all, land sales only represent 11.3% of all transactions and 15.5% of dollar volume in 2011.
As for commercial real estate activity on Nantucket, it still remains a small portion of the market. The one interesting sale to date has been 54 Center Street, which sold to ReMain Nantucket. This building was an annex of the Jared Coffin House and will become the home of several non-profit island schools.
IN SUMMARY
By removing the eight figure home sales from 2010 numbers, 2011 would exceed 2010 in dollar volume by 16% and transactions by 11% . This is a significant trend for the Nantucket real estate market as 2011 has been a far more challenging year economically. With the continued angst over the global economic environment, the sales market on Nantucket is still improving. The two obvious reasons are a still weak pricing environment and historically low interest rates. As a result, we are seeing a continuation of one of best buying markets in the last 20 years.
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