Asking Price:  $1,285,000

5 bedroom/3 bathroom house located on a very private street off Cliff Road.  Spacious indoor and ourdoor living.  Mature plantings.  Convenient to Step Beach, Jetties Beach and Town.  Must be seen to truly understand the opportunities.

Recently, NAREB, the Nantucket Association of Real Estate Brokers, invited the Nantucket Tax Assessor to make a presentation on the in’s and out’f of the tax rate and assessments.

Rather than take all your time with the complete presentation I thought I’d give you some headlines:

NANTUCKET ENJOYS ONE OF THE LOWEST TAX RATES IN AMERICA!

2011 Tax Rate 

 Residential                         $3.58 per thousand          

Open Space                         $3.42 per thousand           

Commercial                       $6.41 per thousand

Tax breakdown between seasonal and non-seasonal residents

10% paid by year around residents

20% paid by island owned investment property owners

70% paid by second home and investment property owners (non-Nantucket residents)

Full time, primary, owner occupied homes enjoy a residential exemption.

By law that exemption can only be 20% of the average residential home value.  In 2011 that is $1,524.960 for a deduction of $304,992.A

All assessments are a rear-view mirror on the market.

Every three years the market revalued.

2011 was just completed based on 2009 sales.

2013 will be the next  revalue based on 2010 sales.

If you have further questions or wish the complete presentation, please contact me at marion@countryvillagere.com

(source:Nantucket Tax Assessor)

2010 was a good year for the Nantucket real estate market.  Dollar sales were 59.6% ahead of last year for a value of $694 million versus $435 million in 2009.  364 properties sold versus 238 in 2009.*  On average, properties have been selling at 90% of last asking price, a trend we have seen hold thoroughout the year.  This is a reflection of more realistic sellers.  Prices have come down between 20- and 30% since the pre-recession market highs.  With 424 properties on the market today, this is not only a reflection of ‘off market’ for the winter, but the fact that properties are moving.

This coupled with the positive daily national numbers may indicate that we have seen the bottom.

*source: LINKNANTUCKET

Nantucket real estate is being sold, even in this down market.  Though there are some good deals to be made, overall, property values are being maintained.  Year-to-date, median sales prices are down only slightly to $1,460,000 from $1,495,000 in 2007.  That is a decrease of only 2.3%.  The average sales price is actually up from $2,052,000 in 2007 to $2,241,000 YTD 2008.  That is an increase of 9.2%.  You probably cannot say the same about your retirement account or any other account that you may have where any significant portion is invested in the stock market.  Nantucket real estate.  Maybe this should be your next investment since it seems to be holding its value despite the chaos in the equities.

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.

#2           $9.1 million           77 Low Beach Road           House/2.9 acres

#3           $8.95 million        248/250 Polpis Road        House/1.2 acres

#4           $8.9 million           24 Washing Pond Road    House/1.2 acres

$5            $8.4 million          33 Low Beach Road          House/.82 acre

#6            $7.425 million     47 Pocomo Road                Vacant lot/3.07 acres

#7            $5.625 million      27 Brewster Road             House/1.5 acres

#8            $5.3 million          118 Main Street                 House/.40 acre

#9            $5.25 million         5 Eat Fire Spring Road    House/2.8 acres

#10          $4.83 million        12 Galen Avenue               House/.15 acre

Average House Sale Price $2.85 million– year to date

Average Lot Sale Price $1.9 million–year to date

source: The Nantucket Independent /   www.acknews.com