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
Posted July 19, 2011
June 2011 Nanrtucket real estate sales show a significant increase over June 2010 numbers. As reported on our Market Update page, sales for June totaled $70,693,000, a 74 percent increase over last June. In addition, there was a 27 percent increase in the number of properties sold. Year to date, Nantucket real estate sales are slightly ahead in dollar volume (3 percent) and up 15 percent in the number of transactions. These numbers are encouraging as the Nantucket real estate market continues to hold a pace similar to last year’s healthy rebound.
The chart below shows how similar the Nantucket real estate market activity has been over the comparative six month period.
The chart above shows some variations among the price points in the Nantucket house and land markets. With the exception of the above $3 million range, dollar volume has increased in all catagories. Most encouraging is the $2 million to $3 million range, which has seen a near 70 percent increase over 2010. Nantucket land sales have more than doubled over the same period in 2010. That is primarily from two, large transactions - A lot in Medouie Creek, which Great Point Properties sold for $8,000,000 and a lot off Cliff Road, overlooking the Nantucket Sound, which sold for $12,625,000. Removing those two sales would put Nantucket land sales dead even with 2010. The net is that dollar volume is very slightly ahead of last year.
Last winter, we surveyed the market landscape and thought that 2011 was poised to be a repeat of 2010. Given the terrible environment from which we emerged in 2009, 2010 was an excellent year. To repeat that performance, again given the variety of negative economic issues that confront us, will be a positive for the Nantucket real estate market. Past recessions have shown our market to be very resilient. It is important to keep in mind that Nantucket real estate, although not immune to the travails of the national economy, is a breed apart for the very reasons we love the island so much. A scarce supply, thanks to intense private and public conservation efforts, and a very constant demand have always been the underpinings of real estate values here.
Recently an opinion piece in the Wall Street Journal took the position, using the California residental market over the last 30 years, that single family homes have “..never been a very steller investment.” The author goes on to use a variety of statistics to support his claim.
On the surface, this is another damning analysis of the downtroden real estate market. With the constant drumbeat of negative real estate news, a paltry economic environment and the looming federal debt crisis, it is little wonder why buyers are still reluctant to take advantage of one of the best buying opportunities we have ever seen on Nantucket.
Yet, by comparison, when applying some of the same metrics to the Nantucket real estate market, real estate investment on The Island has been an excellent financial investment. In fact, as we illustrated in our 2010 Annual Report, this market has nearly mirrored the Standard & Poor 500 index from 1990 to today. The S&P 500 advanced 292 percent in those 20 years. Median home prices, as tracked by the Nantucket Lisitng Service, increased 408 percent. As national wealth was created, Nantucket real estate values advanced accordingly.
At Great Point Properties we
understand the financial component of purchasing real estate on Nantucket. Nevertheless, that is just one
part of the total investment when buying here.
Couple the financial return with the emotional benefit of having a home
on Nantucket, enjoying this beautiful island and creating a
foundation for family to return to year after year, Nantucket real estate is a very sensible and smart investment. With prices holding lower and fixed 30 year
interest rates below 5 percent, this summer is a smart time to buy on Nantucket.
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