IMPORTANT ZONING CHANGE! Without any discussion, Town Meeting unanimously passed Article 47 changing the ground coverage permitted in the Residential Old Historic District (ROH) from 50% to 40%. What this means is that a conforming lot of 5,000 square feet that would have been permitted 2,500 square feet of ground coverage in the past is now limited to 2,000 square feet. It remains 50% in the ‘Sconset Old Historic District at this time. The ROH District is primarily located in the downtown of Nantucket.
Invasive Plant Species
Meet Jack Cooper
Of all the plant species on Nantucket Island, over 32% are not native to the island and about 10% are invasive. An invasive plant is not native to the area and has a negative economic, human health or ecological impact. Studies have shown that tick (small bloodsucking parasites) density is 3 times greater among invasive plant populations. Early detection and eradication are important. Nantucket even has its own committee for this! To get a list of invasive plants, learn how to properly remove them or join the team in a removal event check out this website: https://www.nantucketbiodiversity.org
Meet Ken Beaugrand's dog: Jack Cooper, a 13 year old Norwich Terrier. This little “devil” dog was born on 6/6/06! Far from being a mischievous sprite, Jack is very independent, loyal, affectionate and always greets Ken with unadulterated love when he returns home. Jack is photographed here on his spring break to Vero Beach.
N
A
N
T
U
C
K
E
T
Nantucket: Average Months on Market All Properties As of Q1 2019 12
11
10
9
8
7
6
5
Get a Permit!
Average Months on Market
Re-shingling or re-roofing your house? The Town has made the permitting process for this very easy. Get a permit! Doing electrical or plumbing work, finishing the basement into living space? Get a permit! All of these upgrades and improvements are money in your pocket when selling your home and might not be if the permit does not exist. The missing, or incomplete. building permit can delay the sale of your property and in some instances can negate the sale. You can also be personally accountable for work done without the required permits. To rectify the problem you will have an unplanned expense that can cost more, especially if it needs to be done quickly. It is a good idea to also check any existing permits to make sure they have been signed off and completed. N a n tu c ke t: H o m e P ric e s
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
9
7
7
7
8
11
9.75
10
10
11
10
9
8
9
8
9
The Smallest piece of land for sale If you love Nantucket, you can remain here forever. The historic Polpis Cemetery, located on the Polpis Road, dates back to the 1600s and has recently undergone extensive surveying and mapping to allow for additional burial sites. The plots available are 4' x 6' and are for cremains only (no pets please!), and each plot holds up to 4 people. No upright headstones are allowed, only those flush to the ground, to keep the natural aesthetics of this notable historic area. The sites even include perpetual care! The cost is $900 at this time. If you would like more information, please contact our office and we will put you in touch with the person in charge.
N A N T U C K E T
S P R I N G Spring, spring, spring - it is a most lovely, although fleeting, time of the year on Nantucket! Forsythia and daffodils are in full bloom and we anticipate the return of many visitors and friends for the 45th Annual Daffodil Festival on April 26-28th. It is great fun so see the occasional Model A or Rolls Royce Phaeton touring around the island getting ready for the antique car parade. Be sure to head out to ‘Sconset for the tailgate picnic and strolling following the parade. Do not miss the Daffodil Show, the event that started it all. Folks have had all winter to prepare, and the weekend is a feast of creativity for the senses, especially after a long, gray winter!
As of Q 1 2019
Atlantic East
2615 2 5 00
A v g H o m e ($ O O O )
2378
2373 2276
2271
M ed i an H o m e ($ O O O )
2164
1945
2 0 00
1970
1933
1672
1666 1550
Penny Dey, GRI, ABRM and Heidi Drew, ABR, RSPS, SRS, Broker/Owners
1750
1726 1600
1528
1495
1 5 00
N A N T U C K E T R E A L E S TAT E
2133
2124
2103
1525
1425
1525 1459
1400
1297 1150
1 0 00
1190 1100 1013
970
917
1050
999
Ken Beaugrand; Linda Bellevue, GRI, CBR; Peter DuPont; Alison K. Forsgren, ePro, NAR Green, SRES Mary D. Malavase, ABR, RSPS, TRC, SFR, SRS; Jane Miller, ABR, RSPS; Erikka Perkins, Rental Manager; Meg Ruley, ABR, RSPS Lisa Sherburne, ABR, RSPS; John F. Trudel III, SFR; Melinda Vallett; Christine Whelden, ABR; Geri Walker, Office Manager
We believe in doing one thing and in doing it well. 82 Easton Street Nantucket MA 02554 508.228.7707
500
0 20 03
20 04
20 05
20 06
20 07
20 08
20 09
The numbers are in for Q1 and something interesting is happening. The total number of sales (91), compared to one year ago is down 35%; the dollars represented by those sales ($151,934,000) are down 49%. There are likely a number of factors at play here including the robust performance of the stock market, aggressive pricing by sellers who are relaxed about when they sell, uncertainty about the future and the fact that no one has to buy on Nantucket given that it is a discretionary purchase.
20 10
Page 5
20 11
20 12
20 13
20 14
20 15
20 16
20 17
20 18
20 19
Volume XV, Issue 2, Spring 2019
We should remember that 2018 was an exceptional year for real estate on Nantucket with the largest number of sales over $10 million ever. The average sale to date this year (all properties) on Nantucket is $1,670,000, down from last year’s high of $2,214,000. To date in 2019 the average home price on Nantucket is $1,933,000, down 26% from 2018, but down only 14% if averaged over the past five years. The median price of a home is $1,459,000. The average price of a lot is now $916,000, down 48% from 2018, but down only 16% averaged over the past five years. Of the 91 sales in Q1, there were 9 commercial sales (quite high), 16 sales of vacant land and 66 sales of residential properties. In spite of the numbers, we remain cautiously optimistic about 2019 overall. Continued on Page 2...
M A R K E T ( c o n t i n u e d
N E W S f r o m
As of Q1 2019
P . 1 ) Avg Lot ($OOO)
The average time on the market for a Nantucket property is up slightly to 10 months; we expect this time to drop as we head into the season. It has been averaging 9 months for most of the past 5 years.
2500
The average sale as a percentage of list price has slipped to 89%, the first time it has been under 90% since 2013. The highest it has ever been was 94% in 2004, just prior to the last recession. The average sale as a percentage of assessed value is 105%, down from 123% in 2018. This figure dropped under 100% as we were coming out of the last recession in 2013.
Get your yellow and green on! The Daffodil Festival is April 26-28th and Atlantic East is not sitting on the sidelines! Heidi Drew is one of the chairs of the 45th Annual Community Daffodil Flower Show and Mary D. Malavase is our local expert on all things daffodil. The weekend is so special as it officially marks the return of many friends and the beginning of spring on Nantucket.
Median Lot ($OOO) 2378
2000
1915 1769
1756
1483
1500
1375 1258
There are currently 302 properties listed for sale on Nantucket ranging from $315,000 for a studio condominium located in the Mid Island area to nearly $40 million for a two family property located on the inner harbor in Brant Point. At this time there are only 2 single-family residential properties on island listed for less than $800,000. There are currently 13 properties listed for $10 million and higher. The least expensive land listing is a 6,000 square foot lot in the Mid Island area for $410,000, on the market for one month. The most expensive land listing is nearly 3 acres on the water in Pocomo, listed for $6,295,000 which has been on the market for nearly 5 years!
1190 1100
1067 1000
1130
1095 970
1000
1027
970
965
845 787 700 519
500
750
700
920 800
688
916
730 668
660
650
AFFORDABLE HOUSING WINS BIG
475
0 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Protecting the Ground and Water: New Oil Tank Regs Article 67 at the Nantucket Annual Town Meeting, which passed, requires that all home heating oil tanks would need to be upgraded to double-walled tanks upon the sale of a property. These tanks can be installed inside on a concrete floor (in a basement) or at the exterior of the house on a concrete pad. The price of a double-walled tank begins at around $1,100. Nantucket Fire Chief Stephen Murphy supports the article and says that it will protect the buyer in the future. As it stands now, should there be a failure of the tank after the property transfers, it would have been the responsibility of the buyer to deal with it which could prove to be very costly (and inconvenient). Chief Murphy went on to comment that there is "usually about one oil tank spill per year" on Nantucket. These regulations will go into effect after approval by the state.
As of Q1 2019
150%
140%
130%
110%
100%
90%
80%
70%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Avg Sale as % of List price
90%
94%
93%
91%
93%
93%
90%
79%
82%
84%
88%
90%
91%
90%
90%
90%
89%
Avg Sale % of AV
151% 135% 135% 152% 130% 114%
99%
95%
106%
89%
81%
139% 141% 103% 127% 123% 105%
Page 2
Nantucket's Annual Town Meeting wrapped up in two nights with a total of 87 articles, of which only 25 were called for discussion by the voters. The biggest news is that, after many years of planning and talking, a number of warrant articles were approved that should help to accelerate implementation of affordable housing initiatives. Article 28: The Affordable Housing Trust, a Town committee, had submitted an article requesting permission to borrow, through bonding, up to $5,000,000. The purpose is to enable the Trust to better compete in the open real estate market when opportunities arise without having to come back to Town Meeting for approval. In the past the AHT has not been viewed as a serious buyer because of their inability to move quickly. The article passed nearly unanimously, with scant opposition. Additionally, the Community Preservation Committee has committed to funding the debt service for the term of the $5 million bond. Article 37: This citizen sponsored article proposed funding for the acquisition of existing properties to be used for affordable housing. As initially written, the article sought $30 million dollars. During the review process the Finance Committee, in their recommendation, reduced it to $10 million. On the floor of Town Meeting the Select Board unanimously supported an amendment to the article to bring it to $20 million which passed with a large majority vote. The next step is for Nantucket voters to decide at the April 9th election whether or not to fund the article by a Proposition 2 ½ override. The average annual cost to each year round taxpayer will be approximately $82.62 for 20 years.
The rental tax on short term rentals in Massachusetts is now 11.7%. The state portion of the tax is 6% and the Nantucket local option portion is 5.7%. Short term rentals are defined as those of 31 days or less in duration. The state is continuing to work out the details of implementation. It has become clear that there is some resistance, on the part of tenants, to this costly add-on to the already expensive rental rates on Nantucket. Please remember that Atlantic East charges no extra tenant service fee!
Article 10: Dealt with General Fund Capital Expenditures totaling $13,367,521. These projects included, among others, road repairs and maintenance, facility equipment replacement, purchasing a front end loader and trash compactor truck, costs associated with the GIS data integration project, sidewalk improvements, cobblestone maintenance and repairs, bike paths, replacement of Fire Engine 7, coastal resiliency planning, relocation of Baxter Road and relocation of the Senior Center. The funding for this article will also be voted on at the April 9th election. The average cost per year round taxpayer will be approximately $73.00.
Owners of Short Term Rental Properties must get Certificate of Registration from the state of Massachusetts: The state is setting up a public registry of short-term rental properties by July 1, 2019. We are told the registry may be functional by April. Owners of Short Term Rental Properties must maintain a liability policy of $1,000,000 per rental on their rental property: And provide evidence of such a policy to the Commissioner of Insurance, also effective July 1, 2019.
Annual Town Meeting also approved funding to repair the Town Pier, build a storage building at the Public Safety Complex, cap off some of the cells at the Landfill and do traffic and road improvements in the Surfside area. A number of these expenditures will require voter approval at the ballot next week.
RENTAL TAX UPDATE 120%
There are plenty of activities for all including the classic Antique Car Parade and Tailgate Picnic in Sconset, art shows, tours, exhibitions, contests, lectures, and, of course, the annual Nantucket Daffodil Flower Show. There are activities for all ages, and faithful festival-goers dress up for the occasion and participate enthusiastically! The Nantucket Island Chamber of Commerce organizes a Daffy Hat Contest, a Children's Parade featuring decorated bikes, strollers, wagons, and other self-propelled vehicles, a dog parade, a window decorating contest, a Family Picnic at Children’s Beach, and more! For complete information see: http://daffodilfestival.com/
811
320
Nantucket: Sales as % of List Price and Assessed Value 160%
Queens of the Daffodils
Nantucket: Lot Prices
Please see the Massachusetts Department of Revenue (DOR) for additional information: https://www.mass.gov/info-details/room-occupancy-frequently-asked-questions Page 3
Page 4
M A R K E T ( c o n t i n u e d
N E W S f r o m
As of Q1 2019
P . 1 ) Avg Lot ($OOO)
The average time on the market for a Nantucket property is up slightly to 10 months; we expect this time to drop as we head into the season. It has been averaging 9 months for most of the past 5 years.
2500
The average sale as a percentage of list price has slipped to 89%, the first time it has been under 90% since 2013. The highest it has ever been was 94% in 2004, just prior to the last recession. The average sale as a percentage of assessed value is 105%, down from 123% in 2018. This figure dropped under 100% as we were coming out of the last recession in 2013.
Get your yellow and green on! The Daffodil Festival is April 26-28th and Atlantic East is not sitting on the sidelines! Heidi Drew is one of the chairs of the 45th Annual Community Daffodil Flower Show and Mary D. Malavase is our local expert on all things daffodil. The weekend is so special as it officially marks the return of many friends and the beginning of spring on Nantucket.
Median Lot ($OOO) 2378
2000
1915 1769
1756
1483
1500
1375 1258
There are currently 302 properties listed for sale on Nantucket ranging from $315,000 for a studio condominium located in the Mid Island area to nearly $40 million for a two family property located on the inner harbor in Brant Point. At this time there are only 2 single-family residential properties on island listed for less than $800,000. There are currently 13 properties listed for $10 million and higher. The least expensive land listing is a 6,000 square foot lot in the Mid Island area for $410,000, on the market for one month. The most expensive land listing is nearly 3 acres on the water in Pocomo, listed for $6,295,000 which has been on the market for nearly 5 years!
1190 1100
1067 1000
1130
1095 970
1000
970
965
845 787 700 519
500
750
700
1027 920 800
688
916
730 668
660
650
AFFORDABLE HOUSING WINS BIG
475
0 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Protecting the Ground and Water: New Oil Tank Regs Article 67 at the Nantucket Annual Town Meeting, which passed, requires that all home heating oil tanks would need to be upgraded to double-walled tanks upon the sale of a property. These tanks can be installed inside on a concrete floor (in a basement) or at the exterior of the house on a concrete pad. The price of a double-walled tank begins at around $1,100. Nantucket Fire Chief Stephen Murphy supports the article and says that it will protect the buyer in the future. As it stands now, should there be a failure of the tank after the property transfers, it would have been the responsibility of the buyer to deal with it which could prove to be very costly (and inconvenient). Chief Murphy went on to comment that there is "usually about one oil tank spill per year" on Nantucket. These regulations will go into effect after approval by the state.
As of Q1 2019
150%
140%
130%
110%
100%
90%
80%
70%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Avg Sale as % of List price
90%
94%
93%
91%
93%
93%
90%
79%
82%
84%
88%
90%
91%
90%
90%
90%
89%
Avg Sale % of AV
151% 135% 135% 152% 130% 114%
99%
95%
106%
89%
81%
139% 141% 103% 127% 123% 105%
Page 2
Nantucket's Annual Town Meeting wrapped up in two nights with a total of 87 articles, of which only 25 were called for discussion by the voters. The biggest news is that, after many years of planning and talking, a number of warrant articles were approved that should help to accelerate implementation of affordable housing initiatives. Article 28: The Affordable Housing Trust, a Town committee, had submitted an article requesting permission to borrow, through bonding, up to $5,000,000. The purpose is to enable the Trust to better compete in the open real estate market when opportunities arise without having to come back to Town Meeting for approval. In the past the AHT has not been viewed as a serious buyer because of their inability to move quickly. The article passed nearly unanimously, with scant opposition. Additionally, the Community Preservation Committee has committed to funding the debt service for the term of the $5 million bond. Article 37: This citizen sponsored article proposed funding for the acquisition of existing properties to be used for affordable housing. As initially written, the article sought $30 million dollars. During the review process the Finance Committee, in their recommendation, reduced it to $10 million. On the floor of Town Meeting the Select Board unanimously supported an amendment to the article to bring it to $20 million which passed with a large majority vote. The next step is for Nantucket voters to decide at the April 9th election whether or not to fund the article by a Proposition 2 ½ override. The average annual cost to each year round taxpayer will be approximately $82.62 for 20 years.
The rental tax on short term rentals in Massachusetts is now 11.7%. The state portion of the tax is 6% and the Nantucket local option portion is 5.7%. Short term rentals are defined as those of 31 days or less in duration. The state is continuing to work out the details of implementation. It has become clear that there is some resistance, on the part of tenants, to this costly add-on to the already expensive rental rates on Nantucket. Please remember that Atlantic East charges no extra tenant service fee!
Article 10: Dealt with General Fund Capital Expenditures totaling $13,367,521. These projects included, among others, road repairs and maintenance, facility equipment replacement, purchasing a front end loader and trash compactor truck, costs associated with the GIS data integration project, sidewalk improvements, cobblestone maintenance and repairs, bike paths, replacement of Fire Engine 7, coastal resiliency planning, relocation of Baxter Road and relocation of the Senior Center. The funding for this th article will also be voted on at the April 9 election. The average cost per year round taxpayer will be approximately $73.00.
Owners of Short Term Rental Properties must get Certificate of Registration from the state of Massachusetts: The state is setting up a public registry of short-term rental properties by July 1, 2019. We are told the registry may be functional by April. Owners of Short Term Rental Properties must maintain a liability policy of $1,000,000 per rental on their rental property: And provide evidence of such a policy to the Commissioner of Insurance, also effective July 1, 2019.
Annual Town Meeting also approved funding to repair the Town Pier, build a storage building at the Public Safety Complex, cap off some of the cells at the Landfill and do traffic and road improvements in the Surfside area. A number of these expenditures will require voter approval at the ballot next week.
RENTAL TAX UPDATE 120%
There are plenty of activities for all including the classic Antique Car Parade and Tailgate Picnic in Sconset, art shows, tours, exhibitions, contests, lectures, and, of course, the annual Nantucket Daffodil Flower Show. There are activities for all ages, and faithful festival-goers dress up for the occasion and participate enthusiastically! The Nantucket Island Chamber of Commerce organizes a Daffy Hat Contest, a Children's Parade featuring decorated bikes, strollers, wagons, and other self-propelled vehicles, a dog parade, a window decorating contest, a Family Picnic at Children’s Beach, and more! For complete information see: http://daffodilfestival.com/
811
320
Nantucket: Sales as % of List Price and Assessed Value 160%
Queens of the Daffodils
Nantucket: Lot Prices
Please see the Massachusetts Department of Revenue (DOR) for additional information: https://www.mass.gov/info-details/room-occupancy-frequently-asked-questions Page 3
Page 4
M A R K E T ( c o n t i n u e d
N E W S f r o m
As of Q1 2019
P . 1 ) Avg Lot ($OOO)
The average time on the market for a Nantucket property is up slightly to 10 months; we expect this time to drop as we head into the season. It has been averaging 9 months for most of the past 5 years.
2500
The average sale as a percentage of list price has slipped to 89%, the first time it has been under 90% since 2013. The highest it has ever been was 94% in 2004, just prior to the last recession. The average sale as a percentage of assessed value is 105%, down from 123% in 2018. This figure dropped under 100% as we were coming out of the last recession in 2013.
Get your yellow and green on! The Daffodil Festival is April 26-28th and Atlantic East is not sitting on the sidelines! Heidi Drew is one of the chairs of the 45th Annual Community Daffodil Flower Show and Mary D. Malavase is our local expert on all things daffodil. The weekend is so special as it officially marks the return of many friends and the beginning of spring on Nantucket.
Median Lot ($OOO) 2378
2000
1915 1769
1756
1483
1500
1375 1258
There are currently 302 properties listed for sale on Nantucket ranging from $315,000 for a studio condominium located in the Mid Island area to nearly $40 million for a two family property located on the inner harbor in Brant Point. At this time there are only 2 single-family residential properties on island listed for less than $800,000. There are currently 13 properties listed for $10 million and higher. The least expensive land listing is a 6,000 square foot lot in the Mid Island area for $410,000, on the market for one month. The most expensive land listing is nearly 3 acres on the water in Pocomo, listed for $6,295,000 which has been on the market for nearly 5 years!
1190 1100
1067 1000
1130
1095 970
1000
970
965
845 787 700 519
500
750
700
1027 920 800
688
916
730 668
660
650
AFFORDABLE HOUSING WINS BIG
475
0 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Protecting the Ground and Water: New Oil Tank Regs Article 67 at the Nantucket Annual Town Meeting, which passed, requires that all home heating oil tanks would need to be upgraded to double-walled tanks upon the sale of a property. These tanks can be installed inside on a concrete floor (in a basement) or at the exterior of the house on a concrete pad. The price of a double-walled tank begins at around $1,100. Nantucket Fire Chief Stephen Murphy supports the article and says that it will protect the buyer in the future. As it stands now, should there be a failure of the tank after the property transfers, it would have been the responsibility of the buyer to deal with it which could prove to be very costly (and inconvenient). Chief Murphy went on to comment that there is "usually about one oil tank spill per year" on Nantucket. These regulations will go into effect after approval by the state.
As of Q1 2019
150%
140%
130%
110%
100%
90%
80%
70%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Avg Sale as % of List price
90%
94%
93%
91%
93%
93%
90%
79%
82%
84%
88%
90%
91%
90%
90%
90%
89%
Avg Sale % of AV
151% 135% 135% 152% 130% 114%
99%
95%
106%
89%
81%
139% 141% 103% 127% 123% 105%
Page 2
Nantucket's Annual Town Meeting wrapped up in two nights with a total of 87 articles, of which only 25 were called for discussion by the voters. The biggest news is that, after many years of planning and talking, a number of warrant articles were approved that should help to accelerate implementation of affordable housing initiatives. Article 28: The Affordable Housing Trust, a Town committee, had submitted an article requesting permission to borrow, through bonding, up to $5,000,000. The purpose is to enable the Trust to better compete in the open real estate market when opportunities arise without having to come back to Town Meeting for approval. In the past the AHT has not been viewed as a serious buyer because of their inability to move quickly. The article passed nearly unanimously, with scant opposition. Additionally, the Community Preservation Committee has committed to funding the debt service for the term of the $5 million bond. Article 37: This citizen sponsored article proposed funding for the acquisition of existing properties to be used for affordable housing. As initially written, the article sought $30 million dollars. During the review process the Finance Committee, in their recommendation, reduced it to $10 million. On the floor of Town Meeting the Select Board unanimously supported an amendment to the article to bring it to $20 million which passed with a large majority vote. The next step is for Nantucket voters to decide at the April 9th election whether or not to fund the article by a Proposition 2 ½ override. The average annual cost to each year round taxpayer will be approximately $82.62 for 20 years.
The rental tax on short term rentals in Massachusetts is now 11.7%. The state portion of the tax is 6% and the Nantucket local option portion is 5.7%. Short term rentals are defined as those of 31 days or less in duration. The state is continuing to work out the details of implementation. It has become clear that there is some resistance, on the part of tenants, to this costly add-on to the already expensive rental rates on Nantucket. Please remember that Atlantic East charges no extra tenant service fee!
Article 10: Dealt with General Fund Capital Expenditures totaling $13,367,521. These projects included, among others, road repairs and maintenance, facility equipment replacement, purchasing a front end loader and trash compactor truck, costs associated with the GIS data integration project, sidewalk improvements, cobblestone maintenance and repairs, bike paths, replacement of Fire Engine 7, coastal resiliency planning, relocation of Baxter Road and relocation of the Senior Center. The funding for this th article will also be voted on at the April 9 election. The average cost per year round taxpayer will be approximately $73.00.
Owners of Short Term Rental Properties must get Certificate of Registration from the state of Massachusetts: The state is setting up a public registry of short-term rental properties by July 1, 2019. We are told the registry may be functional by April. Owners of Short Term Rental Properties must maintain a liability policy of $1,000,000 per rental on their rental property: And provide evidence of such a policy to the Commissioner of Insurance, also effective July 1, 2019.
Annual Town Meeting also approved funding to repair the Town Pier, build a storage building at the Public Safety Complex, cap off some of the cells at the Landfill and do traffic and road improvements in the Surfside area. A number of these expenditures will require voter approval at the ballot next week.
RENTAL TAX UPDATE 120%
There are plenty of activities for all including the classic Antique Car Parade and Tailgate Picnic in Sconset, art shows, tours, exhibitions, contests, lectures, and, of course, the annual Nantucket Daffodil Flower Show. There are activities for all ages, and faithful festival-goers dress up for the occasion and participate enthusiastically! The Nantucket Island Chamber of Commerce organizes a Daffy Hat Contest, a Children's Parade featuring decorated bikes, strollers, wagons, and other self-propelled vehicles, a dog parade, a window decorating contest, a Family Picnic at Children’s Beach, and more! For complete information see: http://daffodilfestival.com/
811
320
Nantucket: Sales as % of List Price and Assessed Value 160%
Queens of the Daffodils
Nantucket: Lot Prices
Please see the Massachusetts Department of Revenue (DOR) for additional information: https://www.mass.gov/info-details/room-occupancy-frequently-asked-questions Page 3
Page 4
IMPORTANT ZONING CHANGE! Without any discussion, Town Meeting unanimously passed Article 47 changing the ground coverage permitted in the Residential Old Historic District (ROH) from 50% to 40%. What this means is that a conforming lot of 5,000 square feet that would have been permitted 2,500 square feet of ground coverage in the past is now limited to 2,000 square feet. It remains 50% in the ‘Sconset Old Historic District at this time. The ROH District is primarily located in the downtown of Nantucket.
Invasive Plant Species
Meet Jack Cooper
Of all the plant species on Nantucket Island, over 32% are not native to the island and about 10% are invasive. An invasive plant is not native to the area and has a negative economic, human health or ecological impact. Studies have shown that tick (small bloodsucking parasites) density is 3 times greater among invasive plant populations. Early detection and eradication are important. Nantucket even has its own committee for this! To get a list of invasive plants, learn how to properly remove them or join the team in a removal event check out this website: https://www.nantucketbiodiversity.org
Meet Ken Beaugrand's dog: Jack Cooper, a 13 year old Norwich Terrier. This little “devil” dog was born on 6/6/06! Far from being a mischievous sprite, Jack is very independent, loyal, affectionate and always greets Ken with unadulterated love when he returns home. Jack is photographed here on his spring break to Vero Beach.
N
A
N
T
U
C
K
E
T
Nantucket: Average Months on Market All Properties As of Q1 2019 12
11
10
9
8
7
6
5
Get a Permit!
Average Months on Market
Re-shingling or re-roofing your house? The Town has made the permitting process for this very easy. Get a permit! Doing electrical or plumbing work, finishing the basement into living space? Get a permit! All of these upgrades and improvements are money in your pocket when selling your home and might not be if the permit does not exist. The missing, or incomplete. building permit can delay the sale of your property and in some instances can negate the sale. You can also be personally accountable for work done without the required permits. To rectify the problem you will have an unplanned expense that can cost more, especially if it needs to be done quickly. It is a good idea to also check any existing permits to make sure they have been signed off and completed. N a n tu c ke t: H o m e P ric e s
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
9
7
7
7
8
11
9.75
10
10
11
10
9
8
9
8
9
The Smallest piece of land for sale If you love Nantucket, you can remain here forever. The historic Polpis Cemetery, located on the Polpis Road, dates back to the 1600s and has recently undergone extensive surveying and mapping to allow for additional burial sites. The plots available are 4' x 6' and are for cremains only (no pets please!), and each plot holds up to 4 people. No upright headstones are allowed, only those flush to the ground, to keep the natural aesthetics of this notable historic area. The sites even include perpetual care! The cost is $900 at this time. If you would like more information, please contact our office and we will put you in touch with the person in charge.
N A N T U C K E T
S P R I N G Spring, spring, spring - it is a most lovely, although fleeting, time of the year on Nantucket! Forsythia and daffodils are in full bloom and we anticipate the return of many visitors and friends for the 45th Annual Daffodil Festival on April 26-28th. It is great fun so see the occasional Model A or Rolls Royce Phaeton touring around the island getting ready for the antique car parade. Be sure to head out to ‘Sconset for the tailgate picnic and strolling following the parade. Do not miss the Daffodil Show, the event that started it all. Folks have had all winter to prepare, and the weekend is a feast of creativity for the senses, especially after a long, gray winter!
As of Q 1 2019
Atlantic East
2615 2 5 00
A v g H o m e ($ O O O )
2378
2373 2276
2271
M ed i an H o m e ($ O O O )
2164
1945
2 0 00
1970
1933
1672
1666 1550
Penny Dey, GRI, ABRM and Heidi Drew, ABR, RSPS, SRS, Broker/Owners
1750
1726 1600
1528
1495
1 5 00
N A N T U C K E T R E A L E S TAT E
2133
2124
2103
1525
1425
1525 1459
1400
1297 1150
1 0 00
1190 1100 1013
970
917
1050
999
Ken Beaugrand; Linda Bellevue, GRI, CBR; Peter DuPont; Alison K. Forsgren, ePro, NAR Green, SRES Mary D. Malavase, ABR, RSPS, TRC, SFR, SRS; Jane Miller, ABR, RSPS; Erikka Perkins, Rental Manager; Meg Ruley, ABR, RSPS Lisa Sherburne, ABR, RSPS; John F. Trudel III, SFR; Melinda Vallett; Christine Whelden, ABR; Geri Walker, Office Manager
We believe in doing one thing and in doing it well. 82 Easton Street Nantucket MA 02554 508.228.7707
500
0 20 03
20 04
20 05
20 06
20 07
20 08
20 09
The numbers are in for Q1 and something interesting is happening. The total number of sales (91), compared to one year ago is down 35%; the dollars represented by those sales ($151,934,000) are down 49%. There are likely a number of factors at play here including the robust performance of the stock market, aggressive pricing by sellers who are relaxed about when they sell, uncertainty about the future and the fact that no one has to buy on Nantucket given that it is a discretionary purchase.
20 10
Page 5
20 11
20 12
20 13
20 14
20 15
20 16
20 17
20 18
20 19
Volume XV, Issue 2, Spring 2019
We should remember that 2018 was an exceptional year for real estate on Nantucket with the largest number of sales over $10 million ever. The average sale to date this year (all properties) on Nantucket is $1,670,000, down from last year’s high of $2,214,000. To date in 2019 the average home price on Nantucket is $1,933,000, down 26% from 2018, but down only 14% if averaged over the past five years. The median price of a home is $1,459,000. The average price of a lot is now $916,000, down 48% from 2018, but down only 16% averaged over the past five years. Of the 91 sales in Q1, there were 9 commercial sales (quite high), 16 sales of vacant land and 66 sales of residential properties. In spite of the numbers, we remain cautiously optimistic about 2019 overall. Continued on Page 2...
IMPORTANT ZONING CHANGE! Without any discussion, Town Meeting unanimously passed Article 47 changing the ground coverage permitted in the Residential Old Historic District (ROH) from 50% to 40%. What this means is that a conforming lot of 5,000 square feet that would have been permitted 2,500 square feet of ground coverage in the past is now limited to 2,000 square feet. It remains 50% in the ‘Sconset Old Historic District at this time. The ROH District is primarily located in the downtown of Nantucket.
Invasive Plant Species
Meet Jack Cooper
Of all the plant species on Nantucket Island, over 32% are not native to the island and about 10% are invasive. An invasive plant is not native to the area and has a negative economic, human health or ecological impact. Studies have shown that tick (small bloodsucking parasites) density is 3 times greater among invasive plant populations. Early detection and eradication are important. Nantucket even has its own committee for this! To get a list of invasive plants, learn how to properly remove them or join the team in a removal event check out this website: https://www.nantucketbiodiversity.org
Meet Ken Beaugrand's dog: Jack Cooper, a 13 year old Norwich Terrier. This little “devil” dog was born on 6/6/06! Far from being a mischievous sprite, Jack is very independent, loyal, affectionate and always greets Ken with unadulterated love when he returns home. Jack is photographed here on his spring break to Vero Beach.
N
A
N
T
U
C
K
E
T
Nantucket: Average Months on Market All Properties As of Q1 2019 12
11
10
9
8
7
6
5
Get a Permit!
Average Months on Market
Re-shingling or re-roofing your house? The Town has made the permitting process for this very easy. Get a permit! Doing electrical or plumbing work, finishing the basement into living space? Get a permit! All of these upgrades and improvements are money in your pocket when selling your home and might not be if the permit does not exist. The missing, or incomplete. building permit can delay the sale of your property and in some instances can negate the sale. You can also be personally accountable for work done without the required permits. To rectify the problem you will have an unplanned expense that can cost more, especially if it needs to be done quickly. It is a good idea to also check any existing permits to make sure they have been signed off and completed. N a n tu c ke t: H o m e P ric e s
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
9
7
7
7
8
11
9.75
10
10
11
10
9
8
9
8
9
The Smallest piece of land for sale If you love Nantucket, you can remain here forever. The historic Polpis Cemetery, located on the Polpis Road, dates back to the 1600s and has recently undergone extensive surveying and mapping to allow for additional burial sites. The plots available are 4' x 6' and are for cremains only (no pets please!), and each plot holds up to 4 people. No upright headstones are allowed, only those flush to the ground, to keep the natural aesthetics of this notable historic area. The sites even include perpetual care! The cost is $900 at this time. If you would like more information, please contact our office and we will put you in touch with the person in charge.
N A N T U C K E T
S P R I N G Spring, spring, spring - it is a most lovely, although fleeting, time of the year on Nantucket! Forsythia and daffodils are in full bloom and we anticipate the return of many visitors and friends for the 45th Annual Daffodil Festival on April 26-28th. It is great fun so see the occasional Model A or Rolls Royce Phaeton touring around the island getting ready for the antique car parade. Be sure to head out to ‘Sconset for the tailgate picnic and strolling following the parade. Do not miss the Daffodil Show, the event that started it all. Folks have had all winter to prepare, and the weekend is a feast of creativity for the senses, especially after a long, gray winter!
As of Q 1 2019
Atlantic East
2615 2 5 00
A v g H o m e ($ O O O )
2378
2373 2276
2271
M ed i an H o m e ($ O O O )
2164
1945
2 0 00
1970
1933
1672
1666 1550
Penny Dey, GRI, ABRM and Heidi Drew, ABR, RSPS, SRS, Broker/Owners
1750
1726 1600
1528
1495
1 5 00
N A N T U C K E T R E A L E S TAT E
2133
2124
2103
1525
1425
1525 1459
1400
1297 1150
1 0 00
1190 1100 1013
970
917
1050
999
Ken Beaugrand; Linda Bellevue, GRI, CBR; Peter DuPont; Alison K. Forsgren, ePro, NAR Green, SRES Mary D. Malavase, ABR, RSPS, TRC, SFR, SRS; Jane Miller, ABR, RSPS; Erikka Perkins, Rental Manager; Meg Ruley, ABR, RSPS Lisa Sherburne, ABR, RSPS; John F. Trudel III, SFR; Melinda Vallett; Christine Whelden, ABR; Geri Walker, Office Manager
We believe in doing one thing and in doing it well. 82 Easton Street Nantucket MA 02554 508.228.7707
500
0 20 03
20 04
20 05
20 06
20 07
20 08
20 09
The numbers are in for Q1 and something interesting is happening. The total number of sales (91), compared to one year ago is down 35%; the dollars represented by those sales ($151,934,000) are down 49%. There are likely a number of factors at play here including the robust performance of the stock market, aggressive pricing by sellers who are relaxed about when they sell, uncertainty about the future and the fact that no one has to buy on Nantucket given that it is a discretionary purchase.
20 10
Page 5
20 11
20 12
20 13
20 14
20 15
20 16
20 17
20 18
20 19
Volume XV, Issue 2, Spring 2019
We should remember that 2018 was an exceptional year for real estate on Nantucket with the largest number of sales over $10 million ever. The average sale to date this year (all properties) on Nantucket is $1,670,000, down from last year’s high of $2,214,000. To date in 2019 the average home price on Nantucket is $1,933,000, down 26% from 2018, but down only 14% if averaged over the past five years. The median price of a home is $1,459,000. The average price of a lot is now $916,000, down 48% from 2018, but down only 16% averaged over the past five years. Of the 91 sales in Q1, there were 9 commercial sales (quite high), 16 sales of vacant land and 66 sales of residential properties. In spite of the numbers, we remain cautiously optimistic about 2019 overall. Continued on Page 2...