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Nantucket Real Estate News Archives:

"North shore property sells for $19.5 million"

By Joshua Balling, I&M Assistant Editor in The Inquirer & Mirror (5/25/00)

Read about a new record setting (to this date) residential sale.

link to read entire I&M front page article...

"Real estate records reach new highs - First quarter sales rose 79% above same time for last year"

By Ethan Butterfield, I&M Staff Writer in The Inquirer & Mirror (5/4/00)

Article about very hot market.

link to read entire I&M front page article...

"Real estate market still strong, but shows signs of slowing down."

By Josh Balling, I&M Assistant Editor in the Inquirer & Mirror (7/22/99)

Compares this year's market to last year, noting it may be slowing down.

link to entire I&M article...

"Nantucket Invasion of the Trophy Houses" (You may not like this observation, or want to hear it or agree; but it is in the News.)

By Lambeth Hochwald in Boston Magazine (7/99)

The captains, colonels, and five-star generals of industry have arrived on Nantucket, jetting into the already-crowded airport with their private G5s, reserving steamship space for their nannies' Range Rovers, and settling into trophy homes perched on prime waterfront land. If they're not arriving via air, they're sailing in on million-dollar yachts with helicopters roosting on board or tucking into the Nantucket Boat Basin.

The fiscal intrigue of this superwealthy, nouveau set is some of the talk of this historically unglitzy town. And, as the nearly 9,000 year-rounders-many with old money-stare this new money in the face, many worry that this unostentatious island will experience a Hamptonization of sorts. It is a fate deemed worse than death for buttoned-down Nantucketers attracted to the island precisely because it offers a break from the Hamptons' nonstop cocktail parties and incessant social climbing.

...

In a sense, then, the corporate moguls are living the way celebrities do, and what miffs some locals is that these folks are bringing an average of four cars on-island for the summer season, and building-sometimes paying in cash-million-dollar bungalows for their staff. For example, former Blockbuster chairman and Miami Dolphins owner Wayne Huizenga is currently revising his plans for a $8.5 million home on Hulbert Avenue as well as a $2 million house for his help. Meanwhile, Roger Penske, the oil mogul, is said to be looking for workers willing to spend up to 18 months to paint the house he's building, and hotshot lawyer and Democratic fundraiser Max Berry and his wife, Heidi, are said to be in the midst of spending a small fortune on a rambling Nantucket-style home on Brant Point.

link to the entire Boston Magazine article...

"Sotheby's: prices soaring - Buyers bidding up luxury properties in New England"

By Karen Curran, in the Boston Sunday Globe (2/8/98)

"Sotheby's International Realty, the residential brokerage arm of famed auction house Sotheby's Inc. of New York, says a new level for what buyers are willing to pay for luxury properties was set in New England in 1997.

"George C. Ballantyne, New England regional senior vice president, says one area here in Massachusetts remains tops for $1 million-plus properties.

''The highest sales that have taken place in the New England region by people who have bought property for their personal use, have been on Nantucket,'' said Ballantyne. ''I think what is incredible, is that with few exceptions, these are second residences.''

"According to Sotheby's, there were 52 sales in excess of $1 million on Nantucket in 1997; up from 29 in 1996 and 15 in 1995. Last year, a Brant Point property sold for $7.9 million setting the record for Nantucket waterfront property. Total 1997 sales of the 52 properties exceeded $114 million.

"What accounts for the four-fold increase in the number of $1 million plus homes sold in just two years? No market in New England is more closely tied to the stock market than Nantucket, fueled by investment bankers and fund managers.

"'It has been an absolutely incredible 1996 (in the stock market) and, 1997. When those multi-million-dollar bonuses were paid in 1996, a substantial portion was reinvested in the stock market. Last year, investors did not anticipate seeing the same return and said `enough delayed gratification, I owe it to myself.' That is one of the reasons you see the huge swing,'' says Ballantyne. ''Nantucket is also a past and current destination for many Fortune 500 CEO's including Lee Iacocca (formerly of Chrysler Corp.) and Jack Welch of GE.'... "

 

"The Island's Real Estate Market is 'Sizzling'"


by Mary Lancaster,  in the Nantucket Beacon (7/16/97)

"Nantucket's real estate market has more than heated up -- it has become a seller's dream, with the number of available houses at a low not seen in nearly two decades, while demand has reached a dramatic level...

***

"Nantucket is in demand, but I don't think more than usual except that the buyers have made money in the stock market and have discretionary funds to spend," speculated [Flint] Ranney. "It's like living in your own money." The going rates don't seem to phase these clients.

"Compared to an average price of $514,000 for a Nantucket home six years ago, the 1997 average cost is $874,000 with the median at $499,000. Though years ago it was primarily waterfront or homes with water views that fetched millions, now even houses in town are gaining in value. Ranney said 71 of the 310 houses for sale are priced at a million-plus, and most of them are miles from the ocean or harbor...."

***

"Conceding that he is functioning in a prime seller's market, buyer's agent Roy Flanders of Pro Buyer Associates, said he has had to change his business tack to meet the situation.

"There is definitely a lot less housing inventory on the market as opposed to what it was two years ago, and a great preponderance is in the high dollars," he said. "That shows you where the weight of the market is. You've got to be able to move quickly, yet be patient, to find the right property. That certainly wasn't true three or four years ago."

"Part of Flanders' job is to be aware of homes about to go on the market or those for sale that are not listed with brokers. Under current circumstances, it is especially important to recognize a house's true worth and take timely action.

"You may have to make an offer that is the first offer that (seller) receives," said Flanders. "Years ago when it was a buyer's market you took a percentage off the listing price. You could be more casual."

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