Country Village Rentals and Real Estate Weblog

By Brian-Logan Reid, Broker

So one of today’s open houses was at 30R Quidnet Road.  In a previous post, I mentioned how this property is on the market for $19,500,000 and it’s not even on the water.  As we were pulling up to the property, my colleague and I were contemplating how in the world a property on Nantucket could be listed so high and not even have water views.

Well, all I can say is that the craftsmanship in this 8 bedroom, 8+ bathroom Main house was utterly AMAZING!  Besides being absolutely HUGE, the details and finish work is impeccable.  There was a wing of the house that was comprised of three bedrooms in a semi-circle…as a result, the bedroom doors were CURVED!!  Now I do not know too much about carpentry, but I know that anything that is curved is something special.

Add the pool, pool house, tennis court, garages…oh and the 14 acres…and I can now see the justification of the high list price.

We’ll see what happens!

By Brian-Logan Reid, Broker

I just got back from an proper bankruptcy auction at 209 Polpis Road.  This 5,784 SF, 5 bedroom, 5.5 bathroom oceanview estate is situated on 4.1 acres in Polpis with first and second floor views of Polpis Harbor.  Included in the estate are Guest Quarters, a pool and tennis court.

Although not as exciting as I think I was expecting, the bidding started at $3.7mm, and through about 6 or 7 bids, got up to $4.1mm.  Then, just before saying “SOLD” the auctioneer called for a recess, contacted the owner and returned to reveal that the price was acceptable to the owner and that if no other bids were placed, then the high bidder - at $4.1mm - would win the auction.  No one else stepped up, and one lucky fellow walked away with a great deal.

The property was listed with an agent last year for $6.5mm and it (obviously) did not sell.  The property assesses for about $5mm, so it appears that the new owner has at LEAST a million dollars of cushion to play with.  Will he flip it for a cool million or more?  Will he keep it and enjoy it with his family?  We’ll find out!

To see and read more about the property, check out this link…

By:  Brian-Logan Reid, Broker

Well Wine Festival and Memorial Day/Figawi came and went and the inventory continues to grow, despite a handful more properties going under agreement. 

The entry level of the market, those properties under $1mm, appears to be growing in size and I anticipate some price softening as properties stay on the market longer and the would-be buyers who need financing will find it more difficult to secure affordable financing as lenders tighten up their standards. 

The middle of the market, those properties between $1.5mm and $4mm, still shows strength, but only those properties that are priced correctly from the time they get listed; those properties that have been price reduced from inflated levels are not seeing the same action. 

As may be expected, the upper end of the market, those properties over $5mm, looks to be growing in strength as buyers of these types of home buyers tend to purchase without financing and they have enjoyed gains in their other asset portfolios here in the US and abroad. 

Please feel free to contact me if you or someone you know would like to discuss acquiring a Nantucket property.

By Brian-Logan Reid, Broker

Amazingly, the residential tax rate for 2007 is $2.49 per assessed $1,000…that means if you own a property that assesses for $1,000,000 you pay $2,490 in taxes!!  This is the lowest the tax rate has been in the last 26 years…

The year-round residential exemption for 2007 is $376,097, which definitely helps locals deal with rapidly rising property values.

The most expensive residential tax rate within the last 26 years was in 1982 at a staggering $8.88 per assessed $1,000