Although it is hard to generalize about Nantucket real estate because so much is one of a kind, we can draw a few conclusions about what is selling thus far this year. Of the 227 sales on Nantucket through the 3rd quarter of the year, half have sold below $1,025,000. The majority of these sales were in the Mid-Island area and Town; most of those that were in Town were either in need of a renovation or located on a busy street. Last year at this time half of the sales were below $1,000,000.
There have been 56 sales between $1 and $2M, with the largest number in Town and in ‘Sconset. These were in a range of locations and conditions. Between $2 and $3M, there have been 24 sales in a variety of locations. Most of the sales in this sector either had a water view or were in very good condition. Between $3 and $4M, there were 11 closings of properties that tended to be larger (4-7 BR’s) and in excellent condition and updated in the areas of Cliff, Town, Brant Point, ‘Sconset and Polpis.
Between $4 and $5M there have been 4 sales. These properties were mostly in estate settings or fully renovated houses in town. Between $5 and $6M there have been 8 sales – more estate settings with strong water views and renovated antique homes in town. There were only 2 sales between $6 and $7M so far this year (one in Town and one in the Cliff area). Then there is a big gap with no sales yet this year between $7M and $12M.
We’ll call them the luxe-sales – there were 7 sales over $12M and all of them had direct water frontage, either on the Atlantic Ocean or on the Harbor or Sound. Most of these properties offered acreage, privacy and a compound, usually with more than one dwelling unit. The highest price paid for a residential property on Nantucket in 2010 is $27,500,000 for 11 & 15 Cathcart Road in Monomoy. The property was 5.75 acres and the houses had a total of 9 bedrooms and over 10 baths. It sold for 95% of the list price which was $29,000,000 at the time of the sale.