Posted by Brian Sullivan on Sat, Aug 14, 2010
Nantucket Property Transfers for July 28th 2010.
1. A house on .31 of an acre at 1 Gorham’s Court sold to Brown Brothers Harriman Trust Company, NA, as Trustee of Gorham’s Court Trust, of New York City, N.Y. from Harold A. O’Callaghan, Trustee of Gorham’s Court Nominee Trust, of Rye. N.Y. for $4,637,500. The property is assessed at $4,719,200. The Land Bank fee is $92,750.
2. A vacant lot on .11 of an acre at 10 Highland Ave. sold to Francis J. DeCoste and Susan D. DeCoste, Trustees, The Ten Highland Realty Trust, of Hingham, Mass. from Nantue, Inc. of Madison, N.J. for $1,200,000. The property is assessed at $1,620,000. The Land Bank fee is $24,000.
3. A house on .45 of an acre at 108 Somerset Road sold to Stewart J. Withrow and Laurie A. Withrow of Scituate, Mass. from Chiles Holdings, Ltd. Of Easton, Mass. for $598,000. The property is assessed at $985,300. The Land Bank fee is $11,960.
4. A condominium unit, Unit 10A, at 10A Park Circle sold to Carlos Blair Perales and Katy Horgan of Nantucket, Mass. from TS Realty Group, LLC of Lynnfield, Mass. for $344,000. The property is assessed at $539,500. The Land Bank exemption is M.
5. A timeshare interval, Time Period 39 in Unit A-1 at 15 Swain St. sold to Kevin S. Cooman and Suzanne L. Gillette of Fairport, N.Y. from Brant Point Courtyard Condominium Trust of Hyannis, Mass. for $3,116. The property’s assessed value is unavailable. The Land Bank fee is $62.32.
6. A house on .26 of an acre at 13 Surfside Drive sold to Crantucket Realty Trust of Plymouth, Mass. from Michael L. Cranston and Kathleen M. Cranston of Pembroke, Mass. for $1. The property is assessed at $688,600. The Land Bankexemptions are C and D.
7. A house on 1.8 acres at 22 Bishop’s Rise sold to Horace J. Zona and Darlene L. Zona of Rye, N.Y. from Darlene L. Zona, Trustee of the 22 Bishop’s Rise Nominee Trust, of Rye, N.Y. for $0. The property is assessed at $2,162,700. The land bank exemption is D.
8. A house on .37 of an acre at 4 West Sankaty Ave. sold to James E. Duffy (also know as James E. Duffy, III), as Trustee of the James E. Duffy Trust – 2008, under declaration dated 10/8/08, of Hobe Sound, Fla. from James E. Duffy, III (also known as “James E. Duffy”) and Barbara G. Duffy, as Trustees of The Duffy Nominee Trust, under declaration dated 12/29/99, of Hobe Sound, Fla. The property is assessed at $2,184,100. The Land Bank exemption is D.
9. A house on 1.8 acres at 12 Cathcart Road sold to Donald B. Shackleford and Thekla R. Shackleford, Trustees of the Donald and Thekla Shackleford Tenancy by the Entirety Trust, of Columbus, Ohio from Donald B. Shackleford and Thekla R. Shackleford of Columbus, Ohio for $0. The property is assessed at $5,456,200. The Land Bank exemptions are C and D.
10. A house on 1.8 acres at 12 Cathcart Road sold to Alison S. Monaghan of Wellesley, Mass. from Donald B. Shackleford and Thekla R. Shackleford of Columbus, Ohio for $0. The property is assessed at $5,456,200.
The Land Bank exemptions are C and B.
The Nantucket Islands Land Bank gained $128,716.32 in transfer tax fees for the week ending July 24. To date in the year 2010, the Land Bank gained an estimated total of $4,450,424.68 in transfer fees. Land Bank income is derived mostly from the collection of a two-percent transfer tax on real estate transactions, subject to certain exemptions. Visit www.nantucketlandbank. org for more information on the exemptions.
Nantucket Property Transfers for Aug 11th 2010.
1. A house on .27 of an acre at 90 Main St. sold to Richard J. Glidden, Trustee of 90 Main Street Realty Trust, of Nantucket, Mass. from Roy S. Claus and Kathryn H. Claus of Nantucket, Mass. for $5,650,000. The property is assessed at $7,102,200. The Land Bank fee is $113,000.
2. A house on .22 of an acre at 32 Walsh St. sold to Gregory L. and Nancy D. Geiser of El Segundo, Calif. from Robert J. McGovern of Potomac, Md. for $3,844,400. The property is assessed at $3,337,300. The Land Bank fee is $76,888.
3. A vacant lot on 2.7 acres at 8 Longwood Drive sold to Rudolf Doizer and Elma Doizer of Heidelbar, Germany from Janet C. Caldow of Vienna, Va. for $900,000. The property is assessed at $824,200. The Land Bank fee is $18,000.
4. A vacant lot on .11 of an acre at 24 Wanoma Way sold to William R. Fuller, Trustee of the William R. Fuller Revocable Trust – 2010, of North Kingston, R.I. from Daniel P. Boschwitz and Gerald E. Boschwitz of Edina, Minn. for $657,500. The property is assessed at $1,061,300. The Land Bank fee is $13,151.
5. A house at 33 Bartlett Road sold to Richard K. Decker, Chester S. Barrett, III, Kenneth Decker and Jennifer Decker of Nantucket, Mass. from White Whale Lane, LLC, c/o Norman F. Reith, of Reading, Mass. for $517,000. The property’s assessed value is unavailable. The Land Bank exemption is M.
6. A house on .46 of an acre at 42 Hummock Pond Road sold to Ingela Carlsson and Dan Gustafsson of Berwyn, Pa. from Bruce F. Dilts of Nantucket, Mass. for $450,000. The property is assessed at $879,000. The Land Bank fee is $9,000.
7. A house on .19 of an acre at 6 Green Meadows sold to Daniel Dunham of Nantucket, Mass. from Elizabeth Ruley of Nantucket, Mass. for $350,000. The property is assessed at $565,000. The Land Bank fee is $7,000.
8. A vacant lot on .12 of an acre at 3 Rosemary Way sold to Mark S. Fleming of Framingham, Mass. from Kenneth J. Sharkey of Mendham, N.J. for $219,000. The property is assessed at $360,100. The Land Bank fee is $4,380.
9. A vacant lot on .14 of an acre on a portion of Capaum Pond Road (Lot 5C, Plan No. 2009-25) sold to Edmund Geoffrey Verney and Elizabeth T. Verney, Trustees of Close Hauled Trust, of Hancock, N.H. from Edmund Geoffrey Verney and Elizabeth T. Verney, Trustees of Beam Reach Trust, of Hancock, N.H. for $95,000. The property’s assessed value is unavailable. The Land Bank fee is $1,900.
10. A house on .57 of an acre at 18 Sherburne Turnpike sold to MP Nantucket, LLC of Chatham, N.J. from Twin Oaks MP, LLC of Chatham, N.J. for $0. The property is assessed at $1,775,300. The Land Bank exemption is I.
11. A vacant lot on .69 of an acre on a portion of 12 Delaney Road sold to Kathleen O’Keefe of Norton, Mass. from Malcom J. Cranston and Helen Cranston of Nantucket, Mass. for $0. The property is assessed at $1,266,700. The Land Bank exemption is C.
12. A vacant lot on .29 of an acre at 9 South Road sold to Jordan S. McRobie of Costa Mesa, Calif. from Donald McRobie, Katherine McRobie and Ian McRobie of Toronto, Ontario, Canada for $0. The property is assessed at $136,100. The Land Bank exemption is C.
The Nantucket Islands Land Bank gained $243,319 in transfer tax fees for the week ending Aug. 7. To date in the year 2010, the Land Bank gained an estimated total of $4,752,173.68 in transfer fees. Land bank income is derived mostly from the collection of a two-percent transfer tax on real estate transactions, subject to certain exemptions. For more information on the exemptions, visit www.nantucketlandbank.org.
Posted by Brian Sullivan on Sat, Aug 14, 2010
Summer 2010 on Nantucket has been spectacular! The weather has been best I can remember in 15 years on island. Making for happy vacationers and generating excitement with buyers of Nantucket Island Real Estate. The real estate market on island had bucked the trends that are taking place in other locations around the United States, it seems a pent up demand and historically low interest rates have motivated buyers in all price points to put deals together. After years of slow activity sellers have adjusted pricing to current market and people are seeing value.
At the time of writing this post there are 68 properties listed having accepted contracts, the number is higher then that because some sellers have instructed their agents to wait for fully executed purchase and sale agreements to mark the property as under contract. There are 495 single family homes listed for sale on Nantucket and 103 Parcels of land. Since the first of the year there have been 162 sales that have closed and are now under new ownership, the average price of these sales is $1,698,702. Compared to the same time period in 2009 there were 92 sales with an average price of $1,789,790. Activity is up significantly!
There have been 15 sales that have closed over $4,000,000 and another 10 that have accepted contracts with an average price of $12,266,700. To see the listings mentioned above that are under contract visit this page.
If you would like to watch the market here are links to all properites on Nantucket with accpeted offers or purchase and sale contracts.
Because the market is fluid and sellers are constantly looking to price correctly to market conditions, in the last 90 days there have been 128 properties that have made price adjustments, many resulting in accepted offers.
If you are interested in property by price you can visit our listings page were I have broken down the market by price point. If you are more interested in location I have also broken down the market by areas of interest.
If at any point you have questions about Nantucket Real Estate, Homes or Land for sale on island, or just things about the island please do not hesitate to contact me.
I look forward to working with you.
Brian Sullivan
Posted by Brian Sullivan on Mon, Jul 19, 2010
Nantucket Real Estate Market thoughts on where we are, and where we are going. Nancy Miller was published in Fortune Magazine today. She wrote a very insightful article about Nantucket and foreclosures. I thought it would be prudent for a follow up, since I have been a student, and active real estate agent in the Nantucket Real Estate market for the last 14 years.
Basically there are 2 real estate markets on Nantucket, year round community and the summer seasonal community. The year round community and real estate prices have suffered the most and I am guessing will continue to a little longer (8 to 15 months). In this year round market property on island is valued around or below $800,000. It is these homes that we have seen the most activity in the foreclosure market. These are the properties that the auctions have actually happened and workouts with banks have not been completed. Having said that there have been a handful of foreclosures in higher priced “vacation” market as well. There were 5 properties I can think of that belonged to 2 different gentlemen who were playing the speculation game and got way to over extended, just those 5 properties and 2 home owners make up 20% of all the island foreclosures. There was one very nice home that sold over $5,000,000 in foreclosure; the man who lost the home was not one of the previously mentioned two men. Most properties that have been noticed in the newspaper for foreclosure don’t end up happening, often some sort of workout ends up taking place. Most of the second home market has the resources from somewhere to work things out.
Please allow me to show you what has happened and how we got here. I stopped into the building department the other day and got a copy of building permits that have been issued in the last 10 years. In the boom real estate and construction years of 03 through 2007 a lot of new homes were built on Nantucket, in that time there were at total of 870 new homes built on Island. Since 2007 the numbers have been dropping rapidly. Last year there were just 43 new homes constructed. Another data point worth considering is renovation to existing structures. These numbers have stayed relatively consistent even in the economic downturn. Like many communities, the year round community on Nantucket is a trade driven. The drop in work as represented in the single family permits has significantly affected the economics of the year round community and the value of that real estate - thus leading to foreclosures in that market. On the other side of the coin the reduction in permits and available lots for building as represented in the decline of single family permits from 06 to now (even prior to the economic downturn) give us another angle to view the market. Land scarcity.
To fully understand land scarcity in one of the most constrained markets anywhere we should also consider conservation. The Nantucket Land Bank and the Nantucket Conservation Foundation along with a few other conservation groups already own over 50% of the land on Nantucket protected to be forever wild. I consider this our most charming and valuable asset. Approx 42% of Nantucket is developed, the remaining 8% or so is not and is a race between conservation groups and people wanting summer homes, simple supply demand economics show us prices will continue to go up here on island.
In July 2010 we have been seeing strong sales activity in arms length transactions in the $2m to $20 range, I believe this is the case because many buyers chose to wait out the market in 08 and 09 to see what would happen in the overall economy. Prices have corrected on Nantucket in both vacation and year round markets and buyers are seeing value. They are choosing to get back into assets that are tangible and they can physically enjoy and where they will see long term appreciation.
I have a client who is very well versed in real estate, he works in markets globally, he once said that this market makes no sense, if fits no model, and can’t be tracked. After doing this for 14 years, year round 7 days a week I get it. Now I really get now because my wife and I are having a baby in two months and when I look around the streets what I see is family, safety, memories and tangible moments that are priceless. I understand what truly drives the Nantucket real estate market. As much as real estate is driven by economics it is really driven by emotion and the moments of enjoying ones respective success with those they love in a place they love. (Sappy I know, but its true).
I will look forward to your comments.
Brian
Posted by Brian Sullivan on Thu, Jul 15, 2010
See Nantucket Independent for full report written by Rob Ranney in July 14, 2010 edition.
"If you believed everything you read about real estate on Nantucket, it might certainly drive you mad, too! Generalizations about the ups and downs of any real estate cycle are difficult to make on Nantucket as there are too many “grey” areas. So-called normal real estate models usually do not apply to Nantucket real estate market. It can often take until September or October, or later, to get a feel for how things are shaping up for the year. With the first half of 2010 in the books, what are the numbers telling us about 2010 so far? Let’s take a look.
Looking back over recent years, we see that in the first half of 2009 there were a total of 96 real estate transactions on Nantucket island, as compared to 128 during the same period in 2008 and 193 in 2007. The total dollar amount of real estate changing hands for the first six months of 2009 was approximately $116 million, while in 2008 it was approximately $250 million and approximately $331 million in 2007. By comparison, the number of transactions for the first six months of 2010 was 163, up 70 percent, when compared to 2009. The total dollar volume of those transactions through June 2010 ($246 million), was up 111 percent versus 2009. 2009 seems to have formed the “bottom” at this point, with 2010 numbers, so far, well ahead of 2009’s.
During June 2010, there were a total of 42 transactions, as compared to only 10 in June 2009. In the first six months of 2010, of the 163 total transactions, there have been 96 homes sold on Nantucket, not counting foreclosures, as opposed to only 41 homes sold in the first half of 2009 – a whopping 134 percent increase! Foreclosures and foreclosure related transactions made up approximately 6 percent of the market in 2009, with approximately 25 – 30 foreclosures and foreclosure related sales taking place. This unfortunate statistic continues in 2010, with an estimated 20 foreclosures and foreclosure related transactions, almost double 2009’s numbers, making up about 19 percent of the market so far in 2010.
The average home sale on Nantucket in 2010, is $1.8 – $1.9 million, down 17 percent from the $2.236 million average home sale for 2009. The median home sale for on Nantucket in 2010 is $1.125 million, down 27 percent from the $1.538 million median home sale for 2009. Currently the average and median home sale prices are hovering near “pre-boom” levels, having erased substantial gains from 2005 through 2008.
There were 35 vacant lot sales in all of 2009 on Nantucket island, with an average lot price down 48 percent from 2008, which in turn was down 36 percent from 2007. Vacant land sales started to increase slightly at the end of 2009, a potentially positive sign. However, vacant land sales have slowed once again and as of the end of June 2010, are almost 50 percent less than in 2009. An increase in vacant land sales generally indicates a healthy economic environment, a sign that confidence has returned to the market. In our current market, we are getting strong pre-existing house sale numbers, but continuing weak vacant land sales – a mixed signal as far as market indicators go.
2009 is now the new record holder for the year with the fewest number of building permits being issued since 1972, with a total of 44. Early estimates for 2010, show a continuation of this slow building cycle trend, on par with 2009.
June 2010 was the busiest June since 2006 in terms of overall volume of real estate sales on Nantucket. May 2010 was the busiest May since 2007. On the surface, it appears that we are potentially beginning a “re-bound” of sorts. Foreclosures are still weighing heavily on the market though, and it will still take time for the market to work that out. Overall sales volume and the dollar volume of those sales are both currently up versus 2009, but the average and median sale prices of those sales are down. So, more sales are happening, but at lower prices. We’ve seen some encouraging market indicators of late and hopefully, as confidence returns and takes hold again, we will continue to see them as we go through the second half of the year. Stay tuned.
– A student of the current real estate market, and a licensed real estate salesperson since 1987, Rob Ranney performs real estate appraisals with Denby Real Estate, Inc."
Posted by Brian Sullivan on Sat, Jul 10, 2010
1.A vacant lot on .30 of an acre at 16 East Creek 
Road, Nantucket MA sold to the Nantucket Islands Land Bank of Nantucket, Mass. from Sixteen East Creek Road, LLC of Nantucket, Mass. for $2,650,000. The property is assessed at $1,871,300. The Land Bank exemption is A.
2.A house on .61 of an acre at 15 Columbus Ave, Nantucket Ma. sold to David J. Shea and Carol P. Shea of Weston, Conn. from David J. Kline of Boston, Mass. for $1,200,000. The property is assessed at $2,344,000. The Land Bank fee is $24,000.
3.A house on Nantucket situated on .61 of an acre at 15 Columbus Ave. Nantucket MA sold to David J. Shea and Carol P. Shea of Weston, Conn. from David J. Rasnick, Executor of Estate of George J. Wasserman of Boston, Mass. for $1,200,000. The property is assessed at $2,344,000. The Land Bank fee is $24,000.
4.A house on .78 of an acre at 66 Squam Road sold to Alan L. 
and Robin S. Fuchsberg of Larchmont, N.Y. from Peter F. Maltby and Richard Maltby, Executors, Estate of Lucious F. Maltby, Jr., of Nantucket, Mass. for $1,082,000. The property is assessed at $1,864,100. The Land Bank fee is $21,640.
5.A house on 1.1 acres at 13 Wigwam Road Nantucket MA sold to Mark J. Lebling and Cherly L. Lebling of Hollis, N.H. from Debrah S. Soffen and Edward M. Soffen of Princeton, N.J. for $1,075,000. The property is assessed at $1,696,100. The Land Bank fee is $21,500.
6.A house on 1.2 acres at 47 West Chester St. Nantucket MA sold to Bevis-Nishimura Living Trust of Los Gatos, Calif. from Lily Pad Nominee Trust of Nantucket, Mass. for $900,000. The property is assessed at $1,866,300. The Land Bank fee is $18,000.
7.A house on .46 of an acre at 4 Manchester Circle Nantucket Ma
sold to Scott and Cynthia Nestle of Summit, N.J. from Clifford J. Williams of Nantucket, Mass. for $875,000. The property is assessed at $1,226,300. The Land Bank fee is $17,500.
8.A business on Nantucket situtated on .12 of an acre at 2 Mary Ann Drive sold to Wayne D. Petty of Orleans, Mass.from William M. McGuire and Stephen C. Theroux, Trustees of M.T. Nominee Trust, of Nantucket, Mass. for $672,500. The property is assessed at $887,500. The Land Bank fee is $13,450.
9.A house on .56 of an acre at 14 Kelley Road sold to Shawna Flemming, Steven Pavliga, Kevin Flemming and Eva Flemming of North Seattle, Wash. from Edward F. Vaughan, Executor of the Estate of Caroline F. Corkum of Nantucket, Mass. for $359,000. The property is assessed at $977,800. The Land Bank fee is $7,180.
10. A house at 82A Cliff Road sold to Robert W.Lord and Robin B. Lord of New Canaan, Conn. from RLOR, LLC, of New Canaan, Conn. for $100. The property’s assessed value is unavailable. The Land Bank exemption is J.
11. A house on .15 of an acre at 119 Main St. sold to Vanessa L. Green of Littleton, Conn. from Burges M. Green of Littleton, Conn. for $10. The property is assessed at $232,600.The Land Bank exemption is C.
12. A house on .15 of an acre at 119 Main St. sold to Allison C. Green of Littleton, Conn. from Burges M. Green of Littleton, Conn. for $10. The property is assessed at $232,600. The Land Bank exemption is C.
13. A house on 1.2 acres at 29 Coffin St. sold to Willard J. Overlock, Jr. Qualified Personal Residence Trust, Willard J. Overlock, Jr. and Katherine S.Overlock, Trustees, of Greenwich, Conn. from Willard J. Overlock, Jr. of Greenwich, Conn. for $0. The property is assessed at $3,275,800.The Land Bank exemption is D.
14. A house on 1.2 acres at 29 Coffin St. sold to Katherine S. Overlock Qualified Personal Residence Trust, Willard J. Overlock, Jr. and Katherine S. Overlock, Trustees, of Greenwich, Conn. from Willard J. Overlock, Jr. of Greenwich, Conn. for $0. The property is assessed at $3,275,800. The Land Bank exemption is D.
15. A house on .22 of an acre at 9 MacLean Lane sold to Jeannine Veinot-Amendola and Armand S. Amendola of Guilford, Conn. from Jeannine Veinot-Amendola of Guilford, Conn. for $0. The property is assessed at $625,000. The Land Bank exemption is C.
16. A vacant lot on 19.9 acres off Hawthorne Lane sold to Samuel Sichko, Trustee of Millbrook Trust, of Boston, Mass. from Samuel C. Sichko, Trustee of Frost Nominee Trust – 1999, Alison E. Frost, Eliot P. Frost and Samuel C. Sichko, Trustees of Eric Frost Family Trust – 2003, of Boston, Mass. for $0. The property’s assessed value is unavailable. The Land Bank exemption is D.
17. A house on .11 of an acre at 6 Evelyn St. sold to Strome Alexanderr McNair Lamon (son) of Morrestown, N.J. from Strome B. Lamon (father) of Wilton, Conn. for $0. The property is assessed at $1,319,600. The Land Bank exemption is C.
18. A house on .23 of an acre at 13 Appleton Road sold to Louis E. Guarnaccia of Nantucket, Mass. from Kimberly and Louis Guarnaccia of Nantucket, Mass.for $0. The property is assessed at $664,800. The Land Bank exemption is K.
The Nantucket Islands Land Bank gained $123,270 in transfer tax fees for the week ending June 19. To date in the year 2010, the Land Bank gained an estimated total of $4,206,623 in transfer fees. Land Bank income is derived mostly from the collection of a two-percent transfer tax on real estate transactions, subject to certain exemptions. Visit www.nantucketlandbank.org for more information on the Land Bank’s exemptions.
Posted by Brian Sullivan on Sun, Jun 27, 2010
These properties on Nantucket sold during the week of 16th to 23. To see full listing information on properties for sale on Nantucket or properites that have sold in the last 30 days please follow the links:
Sold in the last 30 days
For Sale on Nantucket
1. A house on 2.2 acres at 13 Squam Road sold to Cape Island Properties, LLC of Delray Beach, Fla. from John H. Brazilian, Trustee of Boston, Mass. for $12,750,000. The property is assessed at $10,260,900. The Land Bank Fee is $255,000.
2. A house at 121 Madaket Road sold to Richard F. Hohlt and Deborah M. Hohlt of Alexandria, Va. from Tracy S. Hephner and B.
Thomas Seidman, Trustees of Sarah B. Seidman Nantucket Nominee Trust of Wagon Mound, New Mexico for $2,187,500. The property is assessed at $2,540,400. The Land Bank fee is $43,750.
3.A house on 7.19 of an acre at 104 Cliff Road sold to Richard Sears and Tracey Lynn Sears of Kenilworth, Il. from Patrick Dorton and Erin G. Dorton of Chevy Chase, Maryland for $1,144,000. The property is assessed at $1,932,600. The Land Bank fee is $22,880.
4. A house at 31 Dartmouth St. sold to J. Clifford and Linda 
Mulcahy of Summit, N.J. from Richard J. and Katherin H. Heffernan of Gilford, Conn. for $750,000. The property is assessed at $867,600. The Land Bank fee is $15,000.
5. A house at 40 West Chester St. sold to Claire L. Shields of Princeton, N.J. from John M. Ukraine and Kevin W. Quinn of Needham, Mass. for 700,000. The house is assessed at $1,113,200. The Land Bank fee is $14,000.
6. A house on .56 of an acre at 67 Starbuck Road sold to James M.
Emery and Melissa B. Emery of New Hampton, N.H. from See Deed for $600,000. The property is assessed at $811,400. The Land Bank fee is $12,000.
7. A condominium unit at 23A Park Circle sold to Russell M. Carson and Jeffrey B. Carlson of Nantucket, MA from Eileen M. O'Gara and Kevin F. Hickey of Delray Beach, Fla. For $362,500. The property is assessed at $585,600. The Land Bank exemption is M.
8. A house on .12 of an acre at 54 Essex Road sold to Jennifer Rebecca Hudson and Charles W. Hollman, III of Nantucket from Ryan Conway of Nantucket for $450,000. The property is assessed at $771,500. The Land Bank fee is $1,000; the exemption is M on the first $400,000.
9. A house at 8 Atlantic Avenue sold to William J. Stone, II of 
Charlestown, Mass. from Robert A. Brown, administrator of the estate of Vincent H. Payne Jr. of Falmouth, Mass. for $296,000. The property is assessed at $938.600. The land Bank fee is $5,920.
10. A timeshare at Mariner House Interval E23 at 30 Centre St. sold to Lynda E. Rowe and John Tagivri of Needham, Mass. from Mariner House Condominium Association Realty Trust for $4,000.
The Land Bank fee is $80.
11. A timeshare at Brant Point Courtyard, Week 28, Unit C-1, on Swain Street sold to Donna, Adam, Julie and Rachel Christian of Dudley, Mass. from Laura Jean Gilbert, executrix for the estate of Edward M. Mashrick of Washington, N.H. for $2,500.
The Land Bank Fee is $50.
12. A house on 1.84 acres at 6 Walbang Avenue sold to SEWNAN of Boston, Mass. from Susan E. Whitehead of Boston, Mass. for $10. The property is assessed at $3,094,400. The Land Bank exemption is I.
13. A house on .19 of an acre at 33 C Washington St. sold to Dian Fein, Trustee of Northampton, Mass. from Sherman E. Fein and Myra N. Fein aka Myra B. Fein of Longmeadow Mass. for $1. The property is assessed at $1,534,700.
The Land Bank exemption is D.
14. A vacant lot at 143 Surfside Road sold to Habitat for Humanity Nantucket, Inc. of Nantucket, Mass. from Nantucket Housing Authority of Nantucket, Mass. for $1.00. The property is assessed at $759,600. The Land Bank exemption is C/G.
15. A house on .10 of an acre at 1 Cottage Court sold to Patricia Snyder of New Philadelphia, Ohio from Charles G. Snyder of New Philadelphia, Ohio for $0. The property is assessed at $1,414,300. The Land Bank exemption is C.
16. A house on 42 Old South Road sold to Donald W. Holdgate of St. Mary's, Ga. from Donald W. Holdgate and Theresa M. Holdgate of St. Mary's, Ga. for $0. The property is assessed at $630,000. The Land Bank exemption is K.
The Nantucket Islands Land Bank gained $369,680 in transfer tax fees for the week ending June 12. To date in the year 2010, the Land Bank gained an estimated total of $4,083,353 in transfer fees. Land Bank income is derived mostly from the collection of a two-percent transfer tax on real estate transactions, subject to certain exemptions. Visit www.nantucketlandbank.org. for more information on the exemptions.
For more information on any of these properites or others listed for sale please feel free to contact me, Brian Sullivan
Posted by Brian Sullivan on Sun, Jun 20, 2010
The following property transfers were recorded in the Registry of Deeds from June 4-June 10:
To see all properties closed in the last 30 days click here.
Roderick Firth Jr., as trustee of the Firth Family Realty Trust, to Sarah F. Alger, as trustee of Quaise Twenty Nominee Trust: 18 and 20 Bassett Road, dwelling, 3.15 acres, $2,225,000.
John J. Hodges and David C. Hodges, trustees of the Biddle Nominee Trust, to Martha L. Dippell and Daniel K. Korengold, Trustees of DLKMLD Nominee Trust: 107 Sankaty Road, dwelling, .70 acres, $1,420,000.
Paul C. Shepard and Reese A. Shepard, executors of the estate of Margaret Y. Berkheimer, to Richard S. Scott and Nancy T. Scott: 8 Pine Street, dwelling, .11 acres, $1,225,000.
J. Arno Inc. to Jack Cort and Jeanine Cort: 7 North Beach Street, dwelling, .06 acres, $1,130,000.
Jean D.H. Bressor; David L. and Frances R. Huntoon to Michael J. Campbell and
Katherine M. Grover: 24 Massachusetts Ave., dwelling, .09 acres, $600,000.
Catherine E. Conte, Trustee of Cassidy Family Trust, to Elizabeth Lugosch: Unit 2, 7 Marble Way, condominium, $514,833.
Aubrey B. Smith to Berdj Benlian and Maria Benlian: Unit C-2 and C-3, Building C, Time Period No. 29 of Brant Point Courtyard Condominium, $16,000.
Town of Nantucket, to W. Lloyd Snyder III, trustee of DRWLS Nominee Trust: Formerly a portion of West Tristam Avenue; Lot Q1 on Plan 2009-27, $5,000.
The following property transfers were also registered exempt from the Land Bank transfer fee:
Francisco B. Moniz Jr. and Francisco B. Moniz III to Francisco B. Moniz III and Mary H. Moniz: Unit A-2, Building A, No. 44, Brant Point Courtyard Condominium, less that $100.
Antje L. Farber to Antje L. Farber, as Trustee of the Old North Wharf Realty Trust, dated March 31, 2009: 21 Old North Wharf, $1.
Whitney A. Gifford, as Trustee of 37 Liberty Street Nominee Trust, to Lucy S. Dillon: 37 Liberty Street, $0.
John Tristram Coffin Dammin to John Tristram Coffin Dammin and Beverly Haskins Dammin: 12 New Mill Street, $0.
Mary E. McAuliffe to James Kevin McAuliffe, Trustee of 72 Baxter Road Nominee Trust: 72 Baxter Road, $0.
Land Bank revenues from June 4-June 10 were $134,716.66. Year to date revenues are $3,438,712.73. Land Bank income is derived primarily from the collection of a 2 percent transfer fee on real estate transactions, subject to certain exemptions.
Posted by Brian Sullivan on Thu, May 20, 2010
Today is the beginning of the
Nantucket Wine festival. I thought it to be a good time to update you on my
perspective of the Nantucket Real estate market and what has happened this winter and forecast this summer real estate selling season on Nantucket.
To date for 2010 there have been 99 properties that have sold on Nantucket, with an average price of $1,684,950. In the same time period of last year there were only half as many sales 55, with an average sale price of $1,890,000. This represents a strong comeback in the Nantucket real estate market a place that historically comes back before the overall economy. Currently there are 584 properties listed for sale on Nantucket and they break down as follows:
63 Properties on islalnd priced $0 - $500,000
157 listings between $500,000 to $1,000,000
121 homes, lots, condos etc $1,000,000 to $1,500,000
68 current listings on nantucket $1,500,000 to $2,000,000
89 homes on market from $2,000,000 to $3,000,000
73 between $3,000,000 to $5,000,000
18 properties $5,000,000 to $8,000,000
and 22 listings over $8,000,000
I have been working in the real estate business on Nantucket since 1996 and the numbers mean a lot, but experience and feeling the momentum of the market place means more.
This Spring we have seen the largest volume of sales in lower priced properties, many selling to the year round community, with prices falling (and I expect in the sub $1 Million market they will continue to). We have seen many deals come together that represent strong value in comparison to recent markets of the last 5 years.
The market on Nantucket from $1,000,000 to $2,000,000 seems to have struggled a little bit this past winter but appears it may pick up momentum in the summer selling season. Traditionally properties in this price point are 1st time vacation home buyers who are interested in carrying some of the cost of a home with rental income. Well priced properties in this price point are getting a lot of activity, it is just a matter of finding a reasonable seller and a situation that the rental revenue can assist a buyer in meeting the cost of homeownership. Back in 2001 was the end of positive cash flow on a rental property on Nantucket, but it seems like now its getting close to a 75% or greater carry situation. When you consider a carry like that and purchasing near the bottom of a market appreciation over a long term investment will pay off.
In the $2 Million to $4 Million market I am seeing a lot of demand right now for quality finished product, the kind of property that is well located, well priced and offers little improvement effort for a buyer - "turn key" situations. Many buyers in this price point use their homes exclusively and choose not to rent, however rental income in this price point can range from $7500/week to $15K depending on amenity the traditional rental season on Nantucket is 8 to 10 weeks long. An indicator to me that this price point has bottomed is the lack of quality inventory, historically we saw speculators producing homes in the segment of the market, however with the downturn in the overall economy speculators have not been working in the Nantucket market for some time. There were more then a handful of properties sold this past winter to speculators who now see value and I expect to see that inventory come to market next spring once they have had the time to make quality improvements.
Here are some of my favorite Nantucket properties for sale right now in the $2 Million to $4 Million price point.
Liberty Street
Madaket Road
Rainbows End
The high end market on Nantucket is still strong, last fall and throughout the winter we saw a number of sales from $5 million up to $19.2 million. The finial sales figures on these homes were discounted from the height of the market in 2005 and offered to value for these buyers in beautiful homes, strong location and a quality of life only found on Nantucket. Here are some of the properties that sold this winter.
6 Hinckley Lane SOLD $5,750,000
7 Acadamy Lane SOLD $5,100,00
10 South Valley SOLD $5,410,000
57 Eel Point Road SOLD $9,500,000
For more information on any segment of the Nantucket real estate market please feel free to contact me via a form below or by calling my cell 508 414 1878. I will look forward to working with you on obtaining the quality of life you deserve on Nantucket!
Brian Sullivan