Posted by Brian Sullivan on Thu, Mar 04, 2010
The Wauwinet, White Elephant, The Cottages & Lofts are some of the best hotel type accommodations located on Nantucket are running special rates, for special dates for booking now or before April 1st 2010.
There are some great dates included like the Nantucket Wine Festival, check the dates on the Nantucket Film Festival or possibly The Nantucket Conference
In an email they sent me they offered these codes and contact info:
When making a reservation, visit the property of your choice at nantucketislandresorts.com, then book and enter special request code GTDLOW, or call 800.ISLANDS (800.475.2637) or 508.325.1000 and mention special request code GTDLOW.
Posted by Brian Sullivan on Wed, Mar 03, 2010
March 3rd, 2010 Nantucket Real Estate market update: As of this morning there are 493 properties for sale on Nantucket, this includes all types, single family, land, commercial condo and others. As memory serves this time last year there were over 700 properties listed for sale on island - (I’m looking to the data source LINK Nantucket to try and find the real number).
There are currently:
- 366 Single Family Homes for sale on Nantucket
- 6 Co-op’s
- 65 Condos
- 26 Commercial listings
- 68 Land Listings available on island
- 18 Muilti Family
- There are 11 new listings and new inventory is being added daily for the Spring/Summer market (a new listing is anything considered new within 7 days).
- 39 properties are under contract and had a total listing value for the group of $18,261,699.
- Since January 1st 2010 there have been 34 properties that have sold and closed on Nantucket Island. The avg. price was $2,094,938 the median was $1,000,000.
The avg. amount time they were listed was 338 days. The highest sale on Nantucket recorded for 2010 so far was $19,200,000 (pictured below). The lowest sale recorded was $340,000.
- For the same time period in 2009 (Jan 1st to March 3rd) 21 Properties transferred. The avg. price of those sales was $1,700,000. The median was $1,336,500. And the avg. days on market was 162. The highest sale for that time period was $5,750,000 and the lowest was $445,000.
There are:
- 55 Listings for sale on Nantucket from 0 - $500,000 avg price $411,109; median $430,00 avg DOM 222
- 132 Listings for sale from $501,000-$1,000,000 avg price $790,124; median $795,000 avg DOM 306
- 158 from $1,001,000 to $2,000,000 avg price $1,482,296 avg DOM 387
- 89 from $2,001,000 to $3,500,000 avg price $2,781,640 median $2,750,000 avg. DOM 389
- 43 from $3,501,000 to $5,000,000 avg price $4,191,930 median $3,995,000 avg. DOM 385
- 31 High end properties for sale on Nantucket priced over $5,000,000 with an avg. price of $10,619,677 a median of $8,950,000 and avg. DOM 395
In recent weeks on Nantucket there has been a lot of sales activity for the winter period, there have been lots of showings in both the year round market and the vacation home market. There are a number of properties at this time that are in offer negotiations that are not reflected in the data above. The data was drawn from LINK Nantucket – Nantucket’s MLS service. If you are interested in more data, listings for homes on Nantucket, CMA for your Nantucket property or just want to chat about the market please contact me. The 2009 Year End Sales report is available for download here.
Posted by Brian Sullivan on Mon, Mar 01, 2010
This is a great 4 Bedroom home, very well built, top of the line appliances, fireplace, 1st floor bedroom suite. Great location on Hummock Pond Rd, only 1 mile to the heart of Main Street and 1.5 to Cisco Beach, the bike path will service both the beach and town in two years from now. Close to Bartlett Farm, Cisco Brewers and 167 Hummock fish market. This property also has a great rental history if looking for income investment.
Posted by Brian Sullivan on Thu, Feb 25, 2010
Its time to start thinking about Nantucket Town meeting. The results of Town meeting effect all residents and tourist of Nantucket. Follow this link to download a copy of the upcoming 2010 Warrant for the meeting. Feel free to chat and comment about how different articles are going to effect you, your business, home, friends and enjoyment of Nantucket. The meeting is scheduled for April 5th 2010 at 6 pm at the Nantucket High School.
Click Here to access a download of the 2010 Warrant
Posted by Brian Sullivan on Tue, Feb 23, 2010
The auction at the Point Breeze here on Nantucket just happened. There were a number of registered bidders there. Bidding started at $10 million, no bid, down to $8 no bid, down to $5 million and there was a bid. The auctioneer took a break for a few minutes and then restarted. He went straight to the Bank who held the note - TD Bank North and the bid went straight to $22 million. So the Bank has taken the property back and they do not want to be the owner, so that the the legal proceedings are done there is opportunity for a buyer to come in and nego. terms that would be acceptable to both the buyer and seller. We shall see what happens. Here is a link to the inquire and mirror our local website for some more information.
Posted by Brian Sullivan on Mon, Feb 22, 2010
Tomorrow will be a very interesting day on Nantucket island, the Point Breeze building which was once a hotel here on island will be auctioned at 2 pm. A developer had bought the property a number of years ago and got about 2/3rd of the way through a redevelopment, his intent was to sell individual units and club memberships, unfortunately for him his project failed before it got off the ground. Tomorrow it is rumored there are 8 or more investors coming to bid and buy the project. Depending on the buyer and their use it will mean a tremendous amount to our local community, thorough potential jobs, tax revenue, tourist dollars and more. It will be an interesting day. Here is a link to see the Auction info http://www.tranzon.com/Propertydetail.aspx?id=7321
Posted by Brian Sullivan on Fri, Dec 18, 2009
Moody’s Reviews $143 Billion of Jumbo-Mortgage Bonds
By Jody Shenn
Dec. 18 (Bloomberg) -- Moody’s Investors Service placed $143 billion of jumbo-mortgage bonds under review for downgrades because of higher loss projections as stock-market losses and pay cuts squeeze wealthy borrowers.
Grades of senior securities issued in 2005 will be most affected by the new loan-loss projections, the New York-based ratings company said in a statement dated yesterday. It now expects losses of 3.8 percent on loans underlying 2005 prime- jumbo bonds, with estimates of 8 percent for 2006 securitizations, 10.9 percent for 2007 debt and 12.3 percent for 2008 securities.
The revisions were prompted by “the rapidly deteriorating performance of jumbo pools in conjunction with macroeconomic conditions that remain under duress,” Moody’s said.
Recent jumps in “serious delinquencies” among jumbo loans will be compounded by weakness in the housing market and economy, the company said. An “overhang of impending foreclosures will impact home prices negatively,” with values likely to decline 9 percent more before bottoming in the second half of 2010, Moody’s said. At the same time, U.S. unemployment will rise to peak at about 10.6 percent, said the firm, which had earlier forecast the jobless rate cresting at 9.8 percent.
Moody’s also said it expects the U.S. government’s effort to curb foreclosures to be less effective than it previously expected because the programs have “failed to gain traction.”
Jumbo Loan Limits
Jumbo home-loans are larger than government-supported mortgage companies Fannie Mae or Freddie Mac can finance. Their limits now range from $417,000 in most places to as much as $729,750 in high-cost areas.
Ratings reductions typically boost the capital needs of bondholders such as banks and insurers and force some investors to sell debt. Moody’s and Standard & Poor’s, criticized by lawmakers for assigning top grades to mortgage debt proven too high by later defaults, have already cut ratings on hundreds of billions of dollars of notes in the $1.6 trillion market for so- called non-agency mortgage bonds, which lack government backing, lowering many securities multiple times.
In its last forecast in March, Moody’s predicted cumulative losses, as a percentage of original loan balances, of 1.7 percent for 2005 jumbo bonds, 3.6 percent for 2006 securities, 5.1 percent for 2007 securitizations and 6.2 percent for 2008 debt.
Home Price Outlook
Since March, serious delinquencies among the pools, as a percentage of original balances, have risen to 3.2 percent from 2.1 percent for 2005 bonds, 6 percent from 3.8 percent for 2006 securities, 7.6 percent from 4.8 percent for 2007 debt, and 7.8 percent from 4.6 percent for the 2008 group, Moody’s said.
The firm’s view that the slump in U.S. home prices is only about three-quarters over contrasts with a Dec. 16 statement by the Federal Reserve that “the housing sector has shown some signs of improvement over recent months.” It’s aligned with forecasts of investors and analysts such as Deutsche Bank AG’s Karen Weaver, whose team in a report yesterday predicted prices will drop an additional 10 percent to 12 percent on average.
An S&P/Case-Shiller index for 20 metropolitan areas showed home values rose in each of the five months through September, climbing 5.2 percent, after a record 33 percent drop from a July 2006 peak. Such gains have been driven by a decline in the share of sales related to “distressed” properties that will reverse, with higher mortgage rates another potential threat to a price rebound, according to the Deutsche Bank report.
New York Forecast
In two of the largest mortgage markets, the New York metropolitan area and Orange County, California, prices likely will fall 29.3 percent and 19.2 percent, respectively, from Sept. 30 levels, the New York-based analysts said.
Prices for the most-expensive homes, in particular, “absolutely haven’t” bottomed, Scott Simon, head of mortgage bonds at Newport Beach, California-based Pacific Investment Management Co., which manages the world’s largest bond fund, said in an interview last month.
The financial-services industry, whose employees bought some of the priciest homes, has been among the most-affected by the recession. While Goldman Sachs Group Inc. set aside a record $16.7 billion in the first nine months of the year for employee bonuses, some Wall Street executives will see pay cuts, according to Johnson Associates Inc., a New York-based compensation-consulting firm.
Yearend bonuses for workers at hedge funds, asset- management firms and insurance companies probably will drop an average 20 percent, the firm said.
The Dow Jones Industrial Average lost more than half its value as it tumbled to a 12-year low in March. The number of U.S. households with a net worth of more than $1 million, not counting primary residences, fell to a five-year low of 6.7 million last year from a record 9.2 million in 2007, according to Spectrem Group, a Chicago-based consulting firm.
To contact the reporter on this story: Jody Shenn in New York at jshenn@bloomberg.net.