SUMMER 2020: NOT BUSINESS AS USUAL The watchword for 2020 has been “uncertainty” and we are always heartened to see how inventive people are in these unprecedented times. One of the most visible changes on Nantucket is the creativity of the restaurant industry, in conjunction with the Town, to allow more options for dining al fresco. In Town a number of sidewalks and side streets have been closed off for the summer to allow for more outside dining. It is very festive and reminds one of a small town in Europe. It has been so popular that it is challenging to get a reservation in August! Many places have also ramped up their take-out systems and there are some great options out there. The Whaling Museum has put in place a “yellow brick road” concept at the Whaling Museum with hand held digital guides in order to comply with the state regulations. Just about all of the traditional fund raising events for our non-profits have been “re-imagined” to a digital platform or else postponed until 2021. The Dreamland’s drive-in movie theater is up and running out at Nobadeer Farm Road and has proven to be a popular venue. The weather this summer has been sunny and warm and it is still possible to find an uncrowded beach if one knows where to look. The fishing, both on and offshore, has been great this year. The harbor is less crowded than usual and it has been nice to see some of the sailing programs happening , although on a scaled back basis. Priorities seem to have shifted: time with family, simpler ways to have fun and opportunities to explore some of the undiscovered open spaces that the island has to offer. Mostly everyone recognizes that we are all in this together and is being respectful of the rules for safety of all of us. On balance, people seem happy to be on Nantucket and are making the best of the reality of the summer of 2020.
Nantucket is a National Historic Landmark The Nantucket Historic District is a National Historic Landmark District that encompasses the entire island of Nantucket. The original listing in 1966 on the National Register of Historic Places included only the historic downtown core and the village of Siasconset, but was expanded in 1975 to include the entire island, as well as the islands of Tuckernuck and Muskeget. At over 30,000 acres, it is the largest conventional historic National Historic Landmark District by area in the contiguous United States. Since 1955 the Historic District Commission (HDC) has been the governing authority charged with the preservation of the island’s built environment. The HDC is a five person commission whose volunteer members are elected. They meet a minimum of weekly with additional time spent on site visits. The HDC has jurisdiction over the exterior of any structure on Nantucket that can be “seen from a public way” which includes Nantucket Harbor. The HDC has written a guide to help the public understand the guidelines on Nantucket. Called, “Building With Nantucket In Mind”, the guide covers, among other things, appropriate size, siting, additive massing, fenestration, materials, paint colors and hardscaping. Here is the link: https://www.nantucketma.gov/DocumentCenter/View/12329/Building-With-Nantucket-In-Mind1992-PDF. We can thank the HDC for the fact that Nantucket does not look like everyplace else.
NEA is a grassroots coalition whose members have been meeting regularly since March 2020. They had been developing a plan to begin a series of self-implemented interviews and focus groups to assess the racial climate on Nantucket and to begin the work of advocating for change. The elevated level of national and international attention to the deaths of black people at the hands of police, the #BlackLivesMatter movement, and systemic racism have served to accelerate the coalition’s time line for action. In order to respond to this moment in history, they recognized the need to bring professionals to Nantucket to help them plan and execute this work. Plan of Action: 1) A community survey to build a better understanding of the lived experience of Nantucketers around the issues of racism and inequity and to identify specific topics for deeper engagement and conversation 2) To plan and execute focus groups and community conversations on the topics identified in the survey 3) To provide a summary of this work that will determine the next steps that NEA and the community can take to achieve our stated mission. In addition, NEA, both as a group and as individuals, look forward to engaging with the Nantucket community to build the movement toward equity inclusion and to ensure that this effort itself is truly inclusive. They are committed to listen; to support the work of others; and to provide opportunities for learning and dialog that they expect will be both challenging and productive. NEA hopes to work collaboratively with the Select Board and Town Administration as they fulfill their pledge to work toward systemic change. NEA leadership can be reached by email at nantucketequityadvocates@gmail.com A designated fund at the Community Foundation for Nantucket has been established so that NEA can accept donations. https://cfnan.org/give/give-now/named-funds/nantucket-equity-advocates-fund/
T
U
C
K
E
T
2709
Avg Home ($OOO)
2615
Median Home ($OOO)
2500
2378 2164
2124
2103
1900
1666 1550
1750
1726 1525
1425
N A N T U C K E T
1670
1600
1528
1495
1500
2133
1970
1945
1150
2440
2373 2276
2271
1525
1400
1190 1100 1013
970
1000
1050
999
S U M M E R
500
0 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Atlantic East N A N T U C K E T R E A L E S TAT E Penny Dey, GRI, ABRM and Heidi Drew, ABR, RSPS, SRS, Broker/Owners 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; Meg Ruley, ABR, RSPS; Lisa Sherburne, ABR, RSPS; Melinda Vallett; Christine Whelden, ABR; Geri Walker, Tanya Babaitsava We believe in doing one thing and in doing it well! 82 Easton Street Nantucket MA 02554 508.228.7707 NantucketRealEstate.com
Volume XVI, Issue 3, Summer 2020 Page 5
N
As of Q2 2020
1672
Nantucket Equity Advocates
A
Nantucket: Home Prices
2000
The formation of a new racial equity advocacy coalition was announced at a presentation to the Nantucket Select Board on Wednesday, July 15, 2020. The mission statement is: to create a sustainable movement to demand and support community action in order to break down systems of structural racism on Nantucket, so the systems of power become truly representative of all members of the community.
N
A few short months ago it seemed like summer would never get here. And we certainly did not expect to be having the kind of summer we are (in so many respects). This spring we thought that we would be lucky to get through the summer without too much collateral and economic damage from COVID-19. Instead we have had a huge increase in the number of visitors who want to be on Nantucket and the real estate market is acting like it does in a more typical year. Nantucket is perceived as a safe place to be and it clearly is, especially when compared to so many other parts of our country. Throughout the past 4+ months we were lucky to have competent leadership who made fact-based decisions, and people willing to follow them, and that contributed to the relatively low number of COVID-19 cases here on island. Let’s all keep up the good work. The real estate market on Nantucket has been surprisingly strong and very fluid with a rapid rise in the number of properties going under contract in May and June. The activity is being driven by people, many from metropolitan areas, who recognize that Nantucket is a great place to be right now. The highest demand appears to be for residential properties with space, privacy and pools that can be occupied right now. The time from contract to closing is shrinking as well. Residential Prices on the Rise: The average selling price of a property on island is $2,366,000, an increase of 9% over last year. The average price of a residential property is also up 9% to $2,709,000 from $2,440,000 at the end of last year. The median price of a home is now $1,900,000, an increase of 18% from $1,670,000 in 2019. The supply of listed property is about the same as it was last year at this time Continued on Page 2... with 375 active listings.
M A R K E T
N E W S
Who Represents me?
Nantucket Sales Over $5M 2005 -2020 (YTD) July 23.2020
Different Story for Vacant Land: The average selling price of a vacant lot is down 20% to $1,159,000; the median price is now $700,000. Land sales statistics have been impacted by the influx of a large number of lower priced land listings at a development off of Old South Road.
50 45 40 35 30
Commercial Properties: As one would expect in a pandemic, the activity in the commercial sector has been tempered this spring. Last year was very active for commercial real estate on Nantucket with19 sales of commercial properties on island, 15 of them in Town. To date in 2020 there have been only 4 commercial sales, and only one of these was in Town. We expect that this is largely an issue of market timing and confidence. There are some excellent opportunities right now for qualified buyers of commercial property, especially in the core district.
25 20 15 10 5 0
Selling Faster: Through the end of June the average time it took a property to sell on Nantucket was 10 months - the same as last year. Since the end of June we have seen a reduction in the amount of time property is listed which will be reflected in the July statistics. Healthy Ratios: Properties on Nantucket are selling, on average, for 87% of the list price at the time of sale, compared to 89% in 2019 and 90% in 2018. The sale price, as a percentage of assessed value, is now 132%, up from 120% in 2019 and 123% in 2018. These numbers will become more meaningful as the year progresses. What is Selling: As usual, the majority of sales are residential properties (104), followed by vacant land (17) and commercial properties (4). Buyers today want properties that are either new or recently renovated, that have some outdoor space and pools continue to be a huge selling point (there are over 800 private pools/spas on Nantucket). Waterfront and properties with strong water views continue to be sought after as well. If You Are Buying: Time spent in advance with your lender, should you need financing, will go a long way towards putting you in a stronger negotiating position. Many properties are attracting interest from multiple buyers now and buyers who are able to move quickly with fewer contingencies are much more likely to get the property.
Nantucket: Pace of Sales
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
28
22
31
20
12
24
9
20
15
29
20
31
35
43
31
17
Vacant Land
8
3
3
1
0
0
4
3
3
3
0
1
0
5
0
0
Commercial
2
3
1
1
0
1
0
0
0
3
2
0
1
1
2
0
Houses
Some Good News Wannacomet Water Company has notified the community that the 2019 Consumer Confidence Report (CCR) can be viewed at the following web address: http://www.wannacomet.org/documents/2019_WaterCompany_Report_Web.pdf To obtain a hard copy of the report please contact Wannacomet at 508.228.0022 and they will be happy to mail one. The Nantucket Islands Land Bank purchases properties for one of three purposes: conservation, agriculture and recreation. Nantucket affordable housing entities seek properties appropriate for affordable housing. These agencies can work together on projects of mutual interest. If you are interested in divesting yourself of property and believe that your land is suitable for open space or presents an opportunity for a joint venture between the Land Bank and an affordable housing entity, please contact the Land Bank Executive Director, Eric Savetsky at 508.228.7240 or by email at director@nantucketlandbank.org to discuss the opportunity. On July 22 Governor Baker extended the moratorium on evictions and foreclosures in Massachusetts 60 additional days to October 17, 2020.
2020 YTD 60 50
Nantucket: COVID-19 Update
40
We have been extremely fortunate (and diligent) on Nantucket to have had relatively few cases of coronavirus. Until mid-May there were only 14 positive cases, largely due to the fact that islanders followed directions to stay at home and take safety precautions as recommended by the Nantucket Cottage Hospital (NCH) and the Select Board. There were no new cases for 34 days between May 19 and June 22. As of this writing, since June 22 there have been 21 new cases on Nantucket, most of which were “imported” according to Nantucket Cottage Hospital. Each case has been isolated and contract tracing has been employed in an effort to prevent “horizontal spread” among us. Of the 35 known cases, 60% of them are in people between 20 and 39 years old. As testing criteria and capability has expanded, NCH has tested more than 3,100 and the rate of positive tests is 1.16% of those tested which is very good news for Nantucket. Because NCH has no intensive care unit and only 5 ventilators the plan is to send anyone in need of acute medical care to a mainland hospital. Please continue to help us stay safe by following the requirements for masks/face coverings, social distancing and hand washing and sanitization. We are all in this together and we are clearly more safe if we follow directions! The most up to date information can be found here: https://nantuckethospital.org/coronavirus-news-and-information/
30 20 10 0
January
February
March
April
May
June
No. Properties OP
10
13
5
2
8
45
No. Properties PS
25
13
17
4
18
53
No Properties Sold
37
21
17
21
16
15
Page 2
Page 3
An Atlantic East agent will never represent both the Buyer and the Seller in the same transaction. Prior to July of 2005 the majority of real estate agents in Massachusetts represented the Seller and not the Buyer in real estate transactions. Research determined that many buyers were not aware that their agent was actually working for the seller and, as a result, new agency laws were adopted permitting real estate offices to offer both Seller and Buyer agency. A critical piece of the law is that consumers must be informed about how agency works and are required to sign an Agency Disclosure Form, acknowledging that they understand who works for them and who does not. The law requires that the form must be presented, discussed, and signed at the first personal meeting to discuss a particular piece of property with a Buyer or Seller client. The change in the law has, from a practical standpoint, made it much easier to meet fiduciary responsibilities to a client, whether it is a Buyer or a Seller. The full fiduciary duties under single agency are: obedience to lawful instruction, loyalty, disclosure of material facts, confidentiality, accounting of funds and property and reasonable care and due diligence. On Nantucket over 85% of all sales involve two offices: the listing office, representing the Seller, and the selling office, representing the Buyer. Agency is very clear in this scenario. However, it becomes more complicated if there is an in-house sale. If an office has the property listing and represents the Seller, they may elect to also represent the Buyer but ONLY WITH INFORMED WRITTEN CONSENT from both parties. This is called Disclosed Dual Agency and the agents in this case operate with a reduced level of fiduciary responsibility to each client. The agent may not advise either the Seller or the Buyer client. An alternative to Disclosed Dual Agency is to practice Designated Agency which is what we do here at Atlantic East Nantucket Real Estate. In Designated Agency, only one agent represents the Seller (the listing agent). An appointing agent (the principal broker) appoints another agent to represent the Buyer, each as Designated Agents. We can do a better job for our clients under Designated Agency as opposed to Dual Agency. There are fewer potential conflicts and we can better protect the interest of our clients. For more information about agency please contact your Atlantic East broker.
New Rule on Travel to Massachusetts The coronavirus pandemic has altered vacation rentals on Nantucket in many ways…some good…some less than. There was a moratorium on short term rentals in May and June in Massachusetts that ended just in time for the summer season. Cleaners have had to adjust their normal routine to incorporate special protocols including sanitization of highly touched surfaces and enhanced cleaning for linens. The most recent modification to how we have handled rentals in the past is a mandatory quarantine for visitors from high risk states, effective August 1, 2020. This is an update to the Governor's previous recommendation for a 14 day quarantine. Anyone traveling in from all states EXCEPT ME, NH, VT, RI, CT, NY, NJ and HI are required to fill out a Travel Form certifying that they have received a negative COVID test within 72 hours prior to their arrival in the state, or they will quarantine for no longer than 14 days until they receive the results of such a test. Any one found not in compliance is subject to a fine of $500 per day. As with most adjustments we have made since the pandemic began, this will likely turn out to be a relatively minor inconvenience that is worth the extra effort to keep us safe and enjoy the island we all love.
Spread Some Sunshine Help us share some delight with the residents of Our Island Home who have been in isolation since the end of March. With zero contact from family, friends, volunteers and no outings, they will appreciate the following gestures: send photos, letters or a short video to the residents at ourislandhome@yahoo.com. There is an entire wall of all the photos and letters that they have received and truly appreciate. Page 4
M A R K E T
N E W S
Who Represents me?
Nantucket Sales Over $5M 2005 -2020 (YTD) July 23.2020
Different Story for Vacant Land: The average selling price of a vacant lot is down 20% to $1,159,000; the median price is now $700,000. Land sales statistics have been impacted by the influx of a large number of lower priced land listings at a development off of Old South Road.
50 45 40 35 30
Commercial Properties: As one would expect in a pandemic, the activity in the commercial sector has been tempered this spring. Last year was very active for commercial real estate on Nantucket with19 sales of commercial properties on island, 15 of them in Town. To date in 2020 there have been only 4 commercial sales, and only one of these was in Town. We expect that this is largely an issue of market timing and confidence. There are some excellent opportunities right now for qualified buyers of commercial property, especially in the core district.
25 20 15 10 5 0
Selling Faster: Through the end of June the average time it took a property to sell on Nantucket was 10 months - the same as last year. Since the end of June we have seen a reduction in the amount of time property is listed which will be reflected in the July statistics. Healthy Ratios: Properties on Nantucket are selling, on average, for 87% of the list price at the time of sale, compared to 89% in 2019 and 90% in 2018. The sale price, as a percentage of assessed value, is now 132%, up from 120% in 2019 and 123% in 2018. These numbers will become more meaningful as the year progresses. What is Selling: As usual, the majority of sales are residential properties (104), followed by vacant land (17) and commercial properties (4). Buyers today want properties that are either new or recently renovated, that have some outdoor space and pools continue to be a huge selling point (there are over 800 private pools/spas on Nantucket). Waterfront and properties with strong water views continue to be sought after as well. If You Are Buying: Time spent in advance with your lender, should you need financing, will go a long way towards putting you in a stronger negotiating position. Many properties are attracting interest from multiple buyers now and buyers who are able to move quickly with fewer contingencies are much more likely to get the property.
Nantucket: Pace of Sales
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
28
22
31
20
12
24
9
20
15
29
20
31
35
43
31
17
Vacant Land
8
3
3
1
0
0
4
3
3
3
0
1
0
5
0
0
Commercial
2
3
1
1
0
1
0
0
0
3
2
0
1
1
2
0
Houses
Some Good News Wannacomet Water Company has notified the community that the 2019 Consumer Confidence Report (CCR) can be viewed at the following web address: http://www.wannacomet.org/documents/2019_WaterCompany_Report_Web.pdf To obtain a hard copy of the report please contact Wannacomet at 508.228.0022 and they will be happy to mail one. The Nantucket Islands Land Bank purchases properties for one of three purposes: conservation, agriculture and recreation. Nantucket affordable housing entities seek properties appropriate for affordable housing. These agencies can work together on projects of mutual interest. If you are interested in divesting yourself of property and believe that your land is suitable for open space or presents an opportunity for a joint venture between the Land Bank and an affordable housing entity, please contact the Land Bank Executive Director, Eric Savetsky at 508.228.7240 or by email at director@nantucketlandbank.org to discuss the opportunity. On July 22 Governor Baker extended the moratorium on evictions and foreclosures in Massachusetts 60 additional days to October 17, 2020.
2020 YTD 60 50
Nantucket: COVID-19 Update
40
We have been extremely fortunate (and diligent) on Nantucket to have had relatively few cases of coronavirus. Until mid-May there were only 14 positive cases, largely due to the fact that islanders followed directions to stay at home and take safety precautions as recommended by the Nantucket Cottage Hospital (NCH) and the Select Board. There were no new cases for 34 days between May 19 and June 22. As of this writing, since June 22 there have been 21 new cases on Nantucket, most of which were “imported” according to Nantucket Cottage Hospital. Each case has been isolated and contract tracing has been employed in an effort to prevent “horizontal spread” among us. Of the 35 known cases, 60% of them are in people between 20 and 39 years old. As testing criteria and capability has expanded, NCH has tested more than 3,100 and the rate of positive tests is 1.16% of those tested which is very good news for Nantucket. Because NCH has no intensive care unit and only 5 ventilators the plan is to send anyone in need of acute medical care to a mainland hospital. Please continue to help us stay safe by following the requirements for masks/face coverings, social distancing and hand washing and sanitization. We are all in this together and we are clearly more safe if we follow directions! The most up to date information can be found here: https://nantuckethospital.org/coronavirus-news-and-information/
30 20 10 0
January
February
March
April
May
June
No. Properties OP
10
13
5
2
8
45
No. Properties PS
25
13
17
4
18
53
No Properties Sold
37
21
17
21
16
15
Page 2
Page 3
An Atlantic East agent will never represent both the Buyer and the Seller in the same transaction. Prior to July of 2005 the majority of real estate agents in Massachusetts represented the Seller and not the Buyer in real estate transactions. Research determined that many buyers were not aware that their agent was actually working for the seller and, as a result, new agency laws were adopted permitting real estate offices to offer both Seller and Buyer agency. A critical piece of the law is that consumers must be informed about how agency works and are required to sign an Agency Disclosure Form, acknowledging that they understand who works for them and who does not. The law requires that the form must be presented, discussed, and signed at the first personal meeting to discuss a particular piece of property with a Buyer or Seller client. The change in the law has, from a practical standpoint, made it much easier to meet fiduciary responsibilities to a client, whether it is a Buyer or a Seller. The full fiduciary duties under single agency are: obedience to lawful instruction, loyalty, disclosure of material facts, confidentiality, accounting of funds and property and reasonable care and due diligence. On Nantucket over 85% of all sales involve two offices: the listing office, representing the Seller, and the selling office, representing the Buyer. Agency is very clear in this scenario. However, it becomes more complicated if there is an in-house sale. If an office has the property listing and represents the Seller, they may elect to also represent the Buyer but ONLY WITH INFORMED WRITTEN CONSENT from both parties. This is called Disclosed Dual Agency and the agents in this case operate with a reduced level of fiduciary responsibility to each client. The agent may not advise either the Seller or the Buyer client. An alternative to Disclosed Dual Agency is to practice Designated Agency which is what we do here at Atlantic East Nantucket Real Estate. In Designated Agency, only one agent represents the Seller (the listing agent). An appointing agent (the principal broker) appoints another agent to represent the Buyer, each as Designated Agents. We can do a better job for our clients under Designated Agency as opposed to Dual Agency. There are fewer potential conflicts and we can better protect the interest of our clients. For more information about agency please contact your Atlantic East broker.
New Rule on Travel to Massachusetts The coronavirus pandemic has altered vacation rentals on Nantucket in many ways…some good…some less than. There was a moratorium on short term rentals in May and June in Massachusetts that ended just in time for the summer season. Cleaners have had to adjust their normal routine to incorporate special protocols including sanitization of highly touched surfaces and enhanced cleaning for linens. The most recent modification to how we have handled rentals in the past is a mandatory quarantine for visitors from high risk states, effective August 1, 2020. This is an update to the Governor's previous recommendation for a 14 day quarantine. Anyone traveling in from all states EXCEPT ME, NH, VT, RI, CT, NY, NJ and HI are required to fill out a Travel Form certifying that they have received a negative COVID test within 72 hours prior to their arrival in the state, or they will quarantine for no longer than 14 days until they receive the results of such a test. Any one found not in compliance is subject to a fine of $500 per day. As with most adjustments we have made since the pandemic began, this will likely turn out to be a relatively minor inconvenience that is worth the extra effort to keep us safe and enjoy the island we all love.
Spread Some Sunshine Help us share some delight with the residents of Our Island Home who have been in isolation since the end of March. With zero contact from family, friends, volunteers and no outings, they will appreciate the following gestures: send photos, letters or a short video to the residents at ourislandhome@yahoo.com. There is an entire wall of all the photos and letters that they have received and truly appreciate. Page 4
M A R K E T
N E W S
Who Represents me?
Nantucket Sales Over $5M 2005 -2020 (YTD) July 23.2020
Different Story for Vacant Land: The average selling price of a vacant lot is down 20% to $1,159,000; the median price is now $700,000. Land sales statistics have been impacted by the influx of a large number of lower priced land listings at a development off of Old South Road.
50 45 40 35 30
Commercial Properties: As one would expect in a pandemic, the activity in the commercial sector has been tempered this spring. Last year was very active for commercial real estate on Nantucket with19 sales of commercial properties on island, 15 of them in Town. To date in 2020 there have been only 4 commercial sales, and only one of these was in Town. We expect that this is largely an issue of market timing and confidence. There are some excellent opportunities right now for qualified buyers of commercial property, especially in the core district.
25 20 15 10 5 0
Selling Faster: Through the end of June the average time it took a property to sell on Nantucket was 10 months - the same as last year. Since the end of June we have seen a reduction in the amount of time property is listed which will be reflected in the July statistics. Healthy Ratios: Properties on Nantucket are selling, on average, for 87% of the list price at the time of sale, compared to 89% in 2019 and 90% in 2018. The sale price, as a percentage of assessed value, is now 132%, up from 120% in 2019 and 123% in 2018. These numbers will become more meaningful as the year progresses. What is Selling: As usual, the majority of sales are residential properties (104), followed by vacant land (17) and commercial properties (4). Buyers today want properties that are either new or recently renovated, that have some outdoor space and pools continue to be a huge selling point (there are over 800 private pools/spas on Nantucket). Waterfront and properties with strong water views continue to be sought after as well. If You Are Buying: Time spent in advance with your lender, should you need financing, will go a long way towards putting you in a stronger negotiating position. Many properties are attracting interest from multiple buyers now and buyers who are able to move quickly with fewer contingencies are much more likely to get the property.
Nantucket: Pace of Sales
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
28
22
31
20
12
24
9
20
15
29
20
31
35
43
31
17
Vacant Land
8
3
3
1
0
0
4
3
3
3
0
1
0
5
0
0
Commercial
2
3
1
1
0
1
0
0
0
3
2
0
1
1
2
0
Houses
Some Good News Wannacomet Water Company has notified the community that the 2019 Consumer Confidence Report (CCR) can be viewed at the following web address: http://www.wannacomet.org/documents/2019_WaterCompany_Report_Web.pdf To obtain a hard copy of the report please contact Wannacomet at 508.228.0022 and they will be happy to mail one. The Nantucket Islands Land Bank purchases properties for one of three purposes: conservation, agriculture and recreation. Nantucket affordable housing entities seek properties appropriate for affordable housing. These agencies can work together on projects of mutual interest. If you are interested in divesting yourself of property and believe that your land is suitable for open space or presents an opportunity for a joint venture between the Land Bank and an affordable housing entity, please contact the Land Bank Executive Director, Eric Savetsky at 508.228.7240 or by email at director@nantucketlandbank.org to discuss the opportunity. On July 22 Governor Baker extended the moratorium on evictions and foreclosures in Massachusetts 60 additional days to October 17, 2020.
2020 YTD 60 50
Nantucket: COVID-19 Update
40
We have been extremely fortunate (and diligent) on Nantucket to have had relatively few cases of coronavirus. Until mid-May there were only 14 positive cases, largely due to the fact that islanders followed directions to stay at home and take safety precautions as recommended by the Nantucket Cottage Hospital (NCH) and the Select Board. There were no new cases for 34 days between May 19 and June 22. As of this writing, since June 22 there have been 21 new cases on Nantucket, most of which were “imported” according to Nantucket Cottage Hospital. Each case has been isolated and contract tracing has been employed in an effort to prevent “horizontal spread” among us. Of the 35 known cases, 60% of them are in people between 20 and 39 years old. As testing criteria and capability has expanded, NCH has tested more than 3,100 and the rate of positive tests is 1.16% of those tested which is very good news for Nantucket. Because NCH has no intensive care unit and only 5 ventilators the plan is to send anyone in need of acute medical care to a mainland hospital. Please continue to help us stay safe by following the requirements for masks/face coverings, social distancing and hand washing and sanitization. We are all in this together and we are clearly more safe if we follow directions! The most up to date information can be found here: https://nantuckethospital.org/coronavirus-news-and-information/
30 20 10 0
January
February
March
April
May
June
No. Properties OP
10
13
5
2
8
45
No. Properties PS
25
13
17
4
18
53
No Properties Sold
37
21
17
21
16
15
Page 2
Page 3
An Atlantic East agent will never represent both the Buyer and the Seller in the same transaction. Prior to July of 2005 the majority of real estate agents in Massachusetts represented the Seller and not the Buyer in real estate transactions. Research determined that many buyers were not aware that their agent was actually working for the seller and, as a result, new agency laws were adopted permitting real estate offices to offer both Seller and Buyer agency. A critical piece of the law is that consumers must be informed about how agency works and are required to sign an Agency Disclosure Form, acknowledging that they understand who works for them and who does not. The law requires that the form must be presented, discussed, and signed at the first personal meeting to discuss a particular piece of property with a Buyer or Seller client. The change in the law has, from a practical standpoint, made it much easier to meet fiduciary responsibilities to a client, whether it is a Buyer or a Seller. The full fiduciary duties under single agency are: obedience to lawful instruction, loyalty, disclosure of material facts, confidentiality, accounting of funds and property and reasonable care and due diligence. On Nantucket over 85% of all sales involve two offices: the listing office, representing the Seller, and the selling office, representing the Buyer. Agency is very clear in this scenario. However, it becomes more complicated if there is an in-house sale. If an office has the property listing and represents the Seller, they may elect to also represent the Buyer but ONLY WITH INFORMED WRITTEN CONSENT from both parties. This is called Disclosed Dual Agency and the agents in this case operate with a reduced level of fiduciary responsibility to each client. The agent may not advise either the Seller or the Buyer client. An alternative to Disclosed Dual Agency is to practice Designated Agency which is what we do here at Atlantic East Nantucket Real Estate. In Designated Agency, only one agent represents the Seller (the listing agent). An appointing agent (the principal broker) appoints another agent to represent the Buyer, each as Designated Agents. We can do a better job for our clients under Designated Agency as opposed to Dual Agency. There are fewer potential conflicts and we can better protect the interest of our clients. For more information about agency please contact your Atlantic East broker.
New Rule on Travel to Massachusetts The coronavirus pandemic has altered vacation rentals on Nantucket in many ways…some good…some less than. There was a moratorium on short term rentals in May and June in Massachusetts that ended just in time for the summer season. Cleaners have had to adjust their normal routine to incorporate special protocols including sanitization of highly touched surfaces and enhanced cleaning for linens. The most recent modification to how we have handled rentals in the past is a mandatory quarantine for visitors from high risk states, effective August 1, 2020. This is an update to the Governor's previous recommendation for a 14 day quarantine. Anyone traveling in from all states EXCEPT ME, NH, VT, RI, CT, NY, NJ and HI are required to fill out a Travel Form certifying that they have received a negative COVID test within 72 hours prior to their arrival in the state, or they will quarantine for no longer than 14 days until they receive the results of such a test. Any one found not in compliance is subject to a fine of $500 per day. As with most adjustments we have made since the pandemic began, this will likely turn out to be a relatively minor inconvenience that is worth the extra effort to keep us safe and enjoy the island we all love.
Spread Some Sunshine Help us share some delight with the residents of Our Island Home who have been in isolation since the end of March. With zero contact from family, friends, volunteers and no outings, they will appreciate the following gestures: send photos, letters or a short video to the residents at ourislandhome@yahoo.com. There is an entire wall of all the photos and letters that they have received and truly appreciate. Page 4
SUMMER 2020: NOT BUSINESS AS USUAL The watchword for 2020 has been “uncertainty” and we are always heartened to see how inventive people are in these unprecedented times. One of the most visible changes on Nantucket is the creativity of the restaurant industry, in conjunction with the Town, to allow more options for dining al fresco. In Town a number of sidewalks and side streets have been closed off for the summer to allow for more outside dining. It is very festive and reminds one of a small town in Europe. It has been so popular that it is challenging to get a reservation in August! Many places have also ramped up their take-out systems and there are some great options out there. The Whaling Museum has put in place a “yellow brick road” concept at the Whaling Museum with hand held digital guides in order to comply with the state regulations. Just about all of the traditional fund raising events for our non-profits have been “re-imagined” to a digital platform or else postponed until 2021. The Dreamland’s drive-in movie theater is up and running out at Nobadeer Farm Road and has proven to be a popular venue. The weather this summer has been sunny and warm and it is still possible to find an uncrowded beach if one knows where to look. The fishing, both on and offshore, has been great this year. The harbor is less crowded than usual and it has been nice to see some of the sailing programs happening , although on a scaled back basis. Priorities seem to have shifted: time with family, simpler ways to have fun and opportunities to explore some of the undiscovered open spaces that the island has to offer. Mostly everyone recognizes that we are all in this together and is being respectful of the rules for safety of all of us. On balance, people seem happy to be on Nantucket and are making the best of the reality of the summer of 2020.
Nantucket is a National Historic Landmark The Nantucket Historic District is a National Historic Landmark District that encompasses the entire island of Nantucket. The original listing in 1966 on the National Register of Historic Places included only the historic downtown core and the village of Siasconset, but was expanded in 1975 to include the entire island, as well as the islands of Tuckernuck and Muskeget. At over 30,000 acres, it is the largest conventional historic National Historic Landmark District by area in the contiguous United States. Since 1955 the Historic District Commission (HDC) has been the governing authority charged with the preservation of the island’s built environment. The HDC is a five person commission whose volunteer members are elected. They meet a minimum of weekly with additional time spent on site visits. The HDC has jurisdiction over the exterior of any structure on Nantucket that can be “seen from a public way” which includes Nantucket Harbor. The HDC has written a guide to help the public understand the guidelines on Nantucket. Called, “Building With Nantucket In Mind”, the guide covers, among other things, appropriate size, siting, additive massing, fenestration, materials, paint colors and hardscaping. Here is the link: https://www.nantucketma.gov/DocumentCenter/View/12329/Building-With-Nantucket-In-Mind1992-PDF. We can thank the HDC for the fact that Nantucket does not look like everyplace else.
NEA is a grassroots coalition whose members have been meeting regularly since March 2020. They had been developing a plan to begin a series of self-implemented interviews and focus groups to assess the racial climate on Nantucket and to begin the work of advocating for change. The elevated level of national and international attention to the deaths of black people at the hands of police, the #BlackLivesMatter movement, and systemic racism have served to accelerate the coalition’s time line for action. In order to respond to this moment in history, they recognized the need to bring professionals to Nantucket to help them plan and execute this work. Plan of Action: 1) A community survey to build a better understanding of the lived experience of Nantucketers around the issues of racism and inequity and to identify specific topics for deeper engagement and conversation 2) To plan and execute focus groups and community conversations on the topics identified in the survey 3) To provide a summary of this work that will determine the next steps that NEA and the community can take to achieve our stated mission. In addition, NEA, both as a group and as individuals, look forward to engaging with the Nantucket community to build the movement toward equity inclusion and to ensure that this effort itself is truly inclusive. They are committed to listen; to support the work of others; and to provide opportunities for learning and dialog that they expect will be both challenging and productive. NEA hopes to work collaboratively with the Select Board and Town Administration as they fulfill their pledge to work toward systemic change. NEA leadership can be reached by email at nantucketequityadvocates@gmail.com A designated fund at the Community Foundation for Nantucket has been established so that NEA can accept donations. https://cfnan.org/give/give-now/named-funds/nantucket-equity-advocates-fund/
T
U
C
K
E
T
2709
Avg Home ($OOO)
2615
Median Home ($OOO)
2500
2378 2164
2124
2103
1900
1666 1550
1750
1726 1525
1425
N A N T U C K E T
1670
1600
1528
1495
1500
2133
1970
1945
1150
2440
2373 2276
2271
1525
1400
1190 1100 1013
970
1000
1050
999
S U M M E R
500
0 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Atlantic East N A N T U C K E T R E A L E S TAT E Penny Dey, GRI, ABRM and Heidi Drew, ABR, RSPS, SRS, Broker/Owners 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; Meg Ruley, ABR, RSPS; Lisa Sherburne, ABR, RSPS; Melinda Vallett; Christine Whelden, ABR; Geri Walker, Tanya Babaitsava We believe in doing one thing and in doing it well! 82 Easton Street Nantucket MA 02554 508.228.7707 NantucketRealEstate.com
Volume XVI, Issue 3, Summer 2020 Page 5
N
As of Q2 2020
1672
Nantucket Equity Advocates
A
Nantucket: Home Prices
2000
The formation of a new racial equity advocacy coalition was announced at a presentation to the Nantucket Select Board on Wednesday, July 15, 2020. The mission statement is: to create a sustainable movement to demand and support community action in order to break down systems of structural racism on Nantucket, so the systems of power become truly representative of all members of the community.
N
A few short months ago it seemed like summer would never get here. And we certainly did not expect to be having the kind of summer we are (in so many respects). This spring we thought that we would be lucky to get through the summer without too much collateral and economic damage from COVID-19. Instead we have had a huge increase in the number of visitors who want to be on Nantucket and the real estate market is acting like it does in a more typical year. Nantucket is perceived as a safe place to be and it clearly is, especially when compared to so many other parts of our country. Throughout the past 4+ months we were lucky to have competent leadership who made fact-based decisions, and people willing to follow them, and that contributed to the relatively low number of COVID-19 cases here on island. Let’s all keep up the good work. The real estate market on Nantucket has been surprisingly strong and very fluid with a rapid rise in the number of properties going under contract in May and June. The activity is being driven by people, many from metropolitan areas, who recognize that Nantucket is a great place to be right now. The highest demand appears to be for residential properties with space, privacy and pools that can be occupied right now. The time from contract to closing is shrinking as well. Residential Prices on the Rise: The average selling price of a property on island is $2,366,000, an increase of 9% over last year. The average price of a residential property is also up 9% to $2,709,000 from $2,440,000 at the end of last year. The median price of a home is now $1,900,000, an increase of 18% from $1,670,000 in 2019. The supply of listed property is about the same as it was last year at this time Continued on Page 2... with 375 active listings.
SUMMER 2020: NOT BUSINESS AS USUAL The watchword for 2020 has been “uncertainty” and we are always heartened to see how inventive people are in these unprecedented times. One of the most visible changes on Nantucket is the creativity of the restaurant industry, in conjunction with the Town, to allow more options for dining al fresco. In Town a number of sidewalks and side streets have been closed off for the summer to allow for more outside dining. It is very festive and reminds one of a small town in Europe. It has been so popular that it is challenging to get a reservation in August! Many places have also ramped up their take-out systems and there are some great options out there. The Whaling Museum has put in place a “yellow brick road” concept at the Whaling Museum with hand held digital guides in order to comply with the state regulations. Just about all of the traditional fund raising events for our non-profits have been “re-imagined” to a digital platform or else postponed until 2021. The Dreamland’s drive-in movie theater is up and running out at Nobadeer Farm Road and has proven to be a popular venue. The weather this summer has been sunny and warm and it is still possible to find an uncrowded beach if one knows where to look. The fishing, both on and offshore, has been great this year. The harbor is less crowded than usual and it has been nice to see some of the sailing programs happening , although on a scaled back basis. Priorities seem to have shifted: time with family, simpler ways to have fun and opportunities to explore some of the undiscovered open spaces that the island has to offer. Mostly everyone recognizes that we are all in this together and is being respectful of the rules for safety of all of us. On balance, people seem happy to be on Nantucket and are making the best of the reality of the summer of 2020.
Nantucket is a National Historic Landmark The Nantucket Historic District is a National Historic Landmark District that encompasses the entire island of Nantucket. The original listing in 1966 on the National Register of Historic Places included only the historic downtown core and the village of Siasconset, but was expanded in 1975 to include the entire island, as well as the islands of Tuckernuck and Muskeget. At over 30,000 acres, it is the largest conventional historic National Historic Landmark District by area in the contiguous United States. Since 1955 the Historic District Commission (HDC) has been the governing authority charged with the preservation of the island’s built environment. The HDC is a five person commission whose volunteer members are elected. They meet a minimum of weekly with additional time spent on site visits. The HDC has jurisdiction over the exterior of any structure on Nantucket that can be “seen from a public way” which includes Nantucket Harbor. The HDC has written a guide to help the public understand the guidelines on Nantucket. Called, “Building With Nantucket In Mind”, the guide covers, among other things, appropriate size, siting, additive massing, fenestration, materials, paint colors and hardscaping. Here is the link: https://www.nantucketma.gov/DocumentCenter/View/12329/Building-With-Nantucket-In-Mind1992-PDF. We can thank the HDC for the fact that Nantucket does not look like everyplace else.
NEA is a grassroots coalition whose members have been meeting regularly since March 2020. They had been developing a plan to begin a series of self-implemented interviews and focus groups to assess the racial climate on Nantucket and to begin the work of advocating for change. The elevated level of national and international attention to the deaths of black people at the hands of police, the #BlackLivesMatter movement, and systemic racism have served to accelerate the coalition’s time line for action. In order to respond to this moment in history, they recognized the need to bring professionals to Nantucket to help them plan and execute this work. Plan of Action: 1) A community survey to build a better understanding of the lived experience of Nantucketers around the issues of racism and inequity and to identify specific topics for deeper engagement and conversation 2) To plan and execute focus groups and community conversations on the topics identified in the survey 3) To provide a summary of this work that will determine the next steps that NEA and the community can take to achieve our stated mission. In addition, NEA, both as a group and as individuals, look forward to engaging with the Nantucket community to build the movement toward equity inclusion and to ensure that this effort itself is truly inclusive. They are committed to listen; to support the work of others; and to provide opportunities for learning and dialog that they expect will be both challenging and productive. NEA hopes to work collaboratively with the Select Board and Town Administration as they fulfill their pledge to work toward systemic change. NEA leadership can be reached by email at nantucketequityadvocates@gmail.com A designated fund at the Community Foundation for Nantucket has been established so that NEA can accept donations. https://cfnan.org/give/give-now/named-funds/nantucket-equity-advocates-fund/
T
U
C
K
E
T
2709
Avg Home ($OOO)
2615
Median Home ($OOO)
2500
2378 2164
2124
2103
1900
1666 1550
1750
1726 1525
1425
N A N T U C K E T
1670
1600
1528
1495
1500
2133
1970
1945
1150
2440
2373 2276
2271
1525
1400
1190 1100 1013
970
1000
1050
999
S U M M E R
500
0 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Atlantic East N A N T U C K E T R E A L E S TAT E Penny Dey, GRI, ABRM and Heidi Drew, ABR, RSPS, SRS, Broker/Owners 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; Meg Ruley, ABR, RSPS; Lisa Sherburne, ABR, RSPS; Melinda Vallett; Christine Whelden, ABR; Geri Walker, Tanya Babaitsava We believe in doing one thing and in doing it well! 82 Easton Street Nantucket MA 02554 508.228.7707 NantucketRealEstate.com
Volume XVI, Issue 3, Summer 2020 Page 5
N
As of Q2 2020
1672
Nantucket Equity Advocates
A
Nantucket: Home Prices
2000
The formation of a new racial equity advocacy coalition was announced at a presentation to the Nantucket Select Board on Wednesday, July 15, 2020. The mission statement is: to create a sustainable movement to demand and support community action in order to break down systems of structural racism on Nantucket, so the systems of power become truly representative of all members of the community.
N
A few short months ago it seemed like summer would never get here. And we certainly did not expect to be having the kind of summer we are (in so many respects). This spring we thought that we would be lucky to get through the summer without too much collateral and economic damage from COVID-19. Instead we have had a huge increase in the number of visitors who want to be on Nantucket and the real estate market is acting like it does in a more typical year. Nantucket is perceived as a safe place to be and it clearly is, especially when compared to so many other parts of our country. Throughout the past 4+ months we were lucky to have competent leadership who made fact-based decisions, and people willing to follow them, and that contributed to the relatively low number of COVID-19 cases here on island. Let’s all keep up the good work. The real estate market on Nantucket has been surprisingly strong and very fluid with a rapid rise in the number of properties going under contract in May and June. The activity is being driven by people, many from metropolitan areas, who recognize that Nantucket is a great place to be right now. The highest demand appears to be for residential properties with space, privacy and pools that can be occupied right now. The time from contract to closing is shrinking as well. Residential Prices on the Rise: The average selling price of a property on island is $2,366,000, an increase of 9% over last year. The average price of a residential property is also up 9% to $2,709,000 from $2,440,000 at the end of last year. The median price of a home is now $1,900,000, an increase of 18% from $1,670,000 in 2019. The supply of listed property is about the same as it was last year at this time Continued on Page 2... with 375 active listings.