Country Village Rentals and Real Estate Weblog

By Brian-Logan Reid, Broker

Well summer is officially here and the market appears to be picking up a bit along with the glorious weather! While the inventory continues to grow, there still are properties being acquired at all price points, which is a good sign. But with the growing number of properties on the market, I do expect some softening of prices particularly at the price point of $2mm and under (where the bulk of the inventory lies). It still remains the case that properly priced properties are still being gobbled up rather quickly (typically in less than 2-3 weeks).

These factors, though, bode extremely well for buyers who can still obtain historically low interest rates and who have many properties to choose from.

Below are some notes about the current inventory:

• The least least expensive property on the market is 133B Old South Road, a studio condo with one bathroom, listed for $225,000
• The most expensive property on the market is 37 Squam Road, a 7 bedroom, 8 bathroom oceanfront house on for $19,995,000. Interesting note: this is the house of Dennis Kozlowski (former Tyco CEO, now in jail), and it was REDUCED from $23.5mm…still way off IMO
• Unofficially, the most expensive house that is for sale (but is NOT in our MLS system), is 7-11 Squam Road, the home purchased by Body By Jake owner Jake Steinfeld in 2005 for $10mm, which is for sale for $21,500,000…hmm…

As always, please contact me with any questions about the market or if you or someone you know is interested in acquiring a property or securing a rental!

This entry was posted on Sunday, July 1st, 2007 at 1:02 pm and is filed under Nantucket Real Estate, Real Estate News, Real Estate Investing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.