Here are the new listings that came on the market today:
1. 24 Washing Pond Road: A 3 bedroom, 2 bath home on 1.2 acres; Bank of New York, Trustees of 24 Washing Pond Road Nominee Trust to Kevin F. Dale, Trust of Washing Pond Conservation Trust; $8,900,000
2. 27 Brewster Road: A 8 bedroom home on 1.5 acres; 29 Brewster Road Trust, c/o Ellen S. Lugosch to Paul S. and Deborah S. Galant; $5,625,000
3. 104B Cliff Road: A 5 bedroom home on .47 of an acre; Samjenhar, LLC to MUL, LLC; $3,850,000
4. 4 and 3 Pout Pond Road and 20 Kelley Road: Vacant lots on 5.6 acres, 3.2 acres and 3.9 acres, respectively; BPZ #1 Trust, BPZ #2 Trust and BPZ #4, Glenn M. Schriberg, Trustee to Nantucket Islands Land Bank; $3,116,023.49
5. 13 Pond View Drive: A 3 bedroom, 3 bath home on 1.8 acres; Paul and Deborah Galant to Yellowfin, LLC; $2,500,000
6. 43 Union Street: A 4 bedroom, 2 bath home on .05 of an acre; Charles W. Gerdts and Elizabeth E. Hume to Christine F. Matthews, Trustee of One Quidnet Nominee Trust; $1,495,000
7. 67, 69 and 69R Surfside Road: A 3 bedroom, 1 bath home on .47 of an acre, a vacant lot on .23 of an acre, and vacant lot on 1.1 acres, respectively; Dorothea M. Riley to Jonathan and Katherine J. Hemingway; $1,400,000
8. 20 Seikinnow Place: A 3 bedroom, 2 bath home on .46 of an acre; Norman M. VanDyke, Sr. and Marilyn S. VanDyke to Joseph A. and Nancy P. Armstrong; $950,000
9. 5 Pout Pond Road: A vacant lot on 3.36 acres; REF #1 Trust, Barry Zlotin and Elaine Feldberg, Trustees to Nantucket Islands Land Bank; $884,681.26
10. 108 Somerset Road: A 5 bedroom, 2 bath home on .45 of an acre; Walter F. Brown to Laurel A. Reed; $743,800
11. 2 Pout Pond Road: A vacant lot on 3.1 acres; Good Will Home Association of Hinckley, Maine to Nantucket Islands Land Bank; $698,024.22
12. 23R Bank Street: A vacant lot on .04 of an acre; Romney Fong-Eymann to George E. and Susan Curtain; $525,000
13. 74 Goldfinch Drive: A vacant lot on .11 of an acre; Marilyn Gates Douglass to Bruce M. and Jackie Sue Taylor, Trustees and Keith A. and Catherine Burdick; $425,000
14. 13 Mary Ann Drive: Portion of vacant lot on .32 of an acre; Kathryn L. Glidden to Lemberg Son & Daughter, LLC; $350,000
15. 282 Madaket Road: A 3 bedroom, 2 bath home on .66 of an acre; Mary H. and Richard L. McCann, Jr. to Richard Touchette and Marie Dostaler; $30,000
Source: Inquirer & Mirror
The Great Harbor Yacht Club has announced plans to buy the Nantucket Tennis and Swim Club off Nobadeer Farm Road by May 15 from the club’s founders and owners, John and Carol Luyrink and Gary and Paula D’Ambra….
Once under the GHYC umbrella, the Nantucket Tennis and Swim Club will still allow public use of its courts for an hourly rate, although that rate has not yet been set for the upcoming season, said GHYC project manager Tim Shea.
The Luyrinks and D’Ambras purchase the Nobadeer Farm Road property in 1999 from the Nantucket Island Land Bank with the provision the club allow the public to use the courts on an hourly basis and to provide at least 30 memberships to year-round residents…
Located on 3.25 acres at 23 Nobadeer Farm Road, the Nantucket Tennis and Swim Club, which opened in 2002, is the first on the island to feature clay courts. Although there are no concrete plans to change anything at the club this season, Great Harbor Yacht Club developers are planning to remove one of the nine courts and to add a squash court as well as increase the size of the heated swimming pool, confirmed Shea…
For the full story, see the Inquirer & Mirror soon (full article not currently available)
Source: Inquirer & Mirror
Despite the cooling island real estate market, property values have continued to rise, leading to a drop in Nantucket’s tax rate for the current fiscal year…
…beginning July 1, 2007, (the property tax rate) will be $2.49 per $1,000 of assessed value…
The islands total property valuation is currently $20.38 billion, making Nantucket the fourth most valuable community in Massachusetts behind only Boston, Cambridge and Newton…
The residential tax rate was $2.84 last year, and has consistently decreased for several years.
“Values go up so the rate must go down, ” Dilworth (Town Assessor) said, referring to Proposition 2 1/2, the state law that restricts the amount of tax revenue that can be collected in a given year.
For the 1,991 island homeowners who have registered for the residential exemption, the average year-round tax bill will be $2,569.
In 2006, the average Massachusetts tax bill was $3,801, Dilworth said, and the average tax rate was $10.73 per $1,000 of assessed value.
In 2006, Nantucket had the third-lowest tax rate in Massachusetts behind Chilmark on Martha’s Vineyard and Gosnold in the Elizabeth Islands, according to the assessor’s office…
For the full story, see the Inquirer & Mirror soon (full article not currently available)
By Brian-Logan Reid, Broker
Below are the just released figures for the Year-to-date real estate market statistics.
What I found most interesting is that even though both the number of transactions and (consequently) the total dollar value were down year-over-year, both the median price (now $1.7m, up from $1.4m) and the average price (now $2.2m, up from $1.9m) continue to rise. So prices are actually still rising, not falling even with the volume and dollar amount lower than last year…
Also, properties are still selling for approximately 92% of asking price and for approx. 131% of assessed value…
To get the full report, just send me an email…
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 fast ferry from NYC to Nantucket (or is this a rumor???), we could see a surge in rentals and home buying from people from the city. I’ve often heard how difficult is has been to travel from ‘the’ city to Nantucket; this obviously will make it easier, but to what extent??
A couple of weeks ago, I posted on March 28, 2007 that a buyer that just closed on a condo property located at 6A Park Circle Lane had just put the property back on the market for $100k more than he paid…well it appears that the same buyer/seller is at it again!! Just recently, 6B Park Circle Lane (which the owner bought two weeks ago for $425,000) is now on the market for $609,000!!! This tier of the market is getting a bit saturated, so we’ll see what comes of it…
by Peter Sutters - I&M Staff Writer
The new owners of 7 Eagle Lane have been told by the Historic District Commission that they will not be allowed to demolish both run-down historic buildings on the property they recently purchased. The property…was purchased for $869,000…and contatins two structures, the older of which was built before 1833…to read full article, check out the Inquirer & Mirror website…
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, $2,700,000
2. Elizabeth F. Murphy, as Trustee of Collins-Match Nominee Trust, to Eugene D. Hill: 80 Polpis Road, $2,100,000
3. Jonathan Ames to William Marshall and Tracey C. Marshall: 14 Plover Lane, $1,950,000
4. Carol A. Thornton to Ric Calvillo: 37 Quaise Road, $1,925,000
5. 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, $1,555,620
6. 36 South Cambridge St. LLC to Marc A. Fergen: 36 South Cambridge Street, $900,000
7. Shelley M.L. Cronan to Richard J. and Kathryn L. Glidden: 11 Mary Ann Drive (portion), $172,000
8. Mary H. McCann and Robert L. McCann Jr. to Richard Touchette and Marie Dostaler: 282 Madaket Road, $30,000
There are currently 447 properties on the market, with 46 under contract (approximately 9%). All the properties under agreement are under $4,000,000, except for one, the “East Brick” which has an asking price of $11,850,000…