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Nantucket, MA Real Estate News

By Brian-Logan Reid, Former Associate Broker, Realtor
I just spoke with a good client of mine who rented a relatively high end ($10,000/wk) house from me for the last two years (he's not coming this year due to his new baby!!).  Anyway, he works at a large bank in New York City and I wanted to know what he and others in the financial industry that received sizable bonuses this year have done or are doing with this capital.  According to him, some folks are sending some of the money back into the markets; others have purchased flashy cars and jets (!); others are purchasing high-end rentals and real estate in places like Nantucket and the Hamptons. I will be interested to see what happens with our real estate market this coming spring.  With the announcement that JetBlue and Delta will be flying between Nantucket and NYC, along with a new f...
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By Brian-Logan Reid, Former Associate Broker, Realtor
The following property transfers were recorded in the  Registry of Deeds through Thursday, March 29, 2007:1. Warren W. Hill to Steven P. and Victoria P. Lombardo: 21R Madaket Road, $2,700,0002. Elizabeth F. Murphy, as Trustee of Collins-Match Nominee Trust, to Eugene D. Hill: 80 Polpis Road, $2,100,0003. Jonathan Ames to William Marshall and Tracey C. Marshall: 14 Plover Lane, $1,950,0004. Carol A. Thornton to Ric Calvillo: 37 Quaise Road, $1,925,0005. Peter H. Dodson, as Trustee of 95 Squam Road Realty Trust, to Peter H. Dodson, as Trustee of The 95 Squam Road Qualified Personal Residence Trust: 95 Squam Road, $1,555,6206. 36 South Cambridge St. LLC to Marc A. Fergen: 36 South Cambridge Street, $900,0007. Shelley M.L. Cronan to Richard J. and Kathryn L. Glidden: 11 Mary Ann Drive (port...
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By Brian-Logan Reid, Former Associate Broker, Realtor
After resting all winter long, Nantucket comes alive with color with the first major event of the season...Daffodil Weekend (April 27 to April 29, 2007)!  From mid-April through May, over 3 million daffodils bloom all over our lovely island and we can finally proclaim "Spring is here!!" (though spring normally lasts about 3 weeks.  The main attraction is the Annual Antique Car Parade, where gorgeous old cars are flowered up and travel up Main Street and continue out to Sconset for the Tailgate Picnic.  For more information on this wonderful event, take a look at the Chamber of Commerce's site...of course if you need accommodations, give us a ring!
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By Brian-Logan Reid, Former Associate Broker, Realtor
Some strategies employed for investing in Nantucket residential real estate include:Buy land and hold - Some investors choose to simply purchase a parcel or parcels of land, hoping to capitalize on the price appreciation (48% price appreciation per year annualized over 10 year period).  With this type of investing strategy, there is no cash-flow and the investment is subject to potential value shifts...Buy land and build:The three most common buy land and build strategies are:1)  Build pre-fabrication/modular construction - the theory is that the pre-constructed house will cost less and will take less time to build than regular building.  With the advancements of technology and materials, it can be argued that pre-constructed homes are on par with ‘stick-built' homes.2)  ‘Stick-build' -...
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By Brian-Logan Reid, Former Associate Broker, Realtor
When a home owner or potential buyer of residential real estate on Nantucket chooses to rent out their property, there are three main types of income that can be derived.  I've found it useful for my customers/clients to understand the different types of income and the differences between the three:1.  Weekly vacation rentals:  Seeking to capitalize on the strong rental market of Nantucket, many homeowners choose to rent out their properties on a weekly basis.  While this avenue of renting may yield the highest possible revenue, the risk is also the highest as weeks may not rent out and the owner must cope with less-than-expected returns.  Obviously, the owner may run the risk of sustaining more wear-and-tear than a seasonal or a year-round tenant.  The homeowner may also be able to ren...
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By Brian-Logan Reid, Former Associate Broker, Realtor
I personally do not know if this is a record or not (it's GOT to be close), but someone rented a house on Nantucket for 10 days, for $100,000!  Yes folks, that's $10,000 PER DAY...must be SOME house...Most recently, I've heard that there is a house for rent for $50,000/wk and it's not even waterfront!!  The compound is located in Quidnet with water and Sankaty Head views, but come on...no direct beach access?? Oh and it happens to be on the market for $19,500,000...here's a photo and the description:"Extraordinarily private compound on 14+ rolling acres with views of Atlantic, Sankaty Light, Sesachacha Pond and Moors.  Large pool, hot tub, cabana with fireplace, and a tennis court.  Spectacular new construction with every imaginable amenity and plenty of room for guest house, barn, ridi...
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In the time that I've lived on Nantucket, I've witnessed Nantucket become ever more a playground for the rich (or what is becoming more so the case, the VERY rich).  After some conversations with friends and colleagues, I began thinking about all the ways that Nantucket may just be becoming a secluded playground for the affluent:The Nantucket Yacht Club - Members only - you could imagine what it's like trying to get into this club (I've heard the wait list is over 30 years...)  The Great Harbor Yacht Club - Members only (still under construction) - 300 members, membership cost is $300,000...  The Sankaty Head Golf Club - Members only - I've heard the membership cost is only $30,000 (and maybe I'm missing a 0), but the wait list is extremely "extensive"... The Nantucket Golf Club - Membe...
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By Brian-Logan Reid, Former Associate Broker, Realtor
I do my best to keep my eyes and ears open for properties and owners that fall into financial hardship, as some of my investor clients keep capital ready to put to use in these types of situations.As of this writing, there are no foreclosures set for Nantucket property owners. There has to be a public notice put out (normally in the Inquirer & Mirror) when a property is going to a foreclosure auction, and I have yet to see any notices.If you want a great overview of foreclosures and the process, check out Zillow's Wiki...
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By Brian-Logan Reid, Former Associate Broker, Realtor
Ahhh...gotta love it!  Ok, so within a week of closing, a condo property located at 5A Park Circle for $425,000 is back on the market for $525,000!  Amazing!  What's interesting is that the property is actually (probably) WORTH $525k...let's see how long it takes to sell!!  I'll keep you posted...
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