On an island that is only 14 miles long by 3.5 miles wide and surrounded by water, one might think that there would have been more than 9 sales of waterfront property so far in 2012. These sales ranged from $550,000 for 73 Baxter Road (a property in Sconset in an area subject to erosion) to 25 Lincoln Avenue, closing last week for $18,500,000, a compound with main house, guest house, pool and private stairs to a calm water beach. The average selling price for the 9 sales was $5,634,822, the median was $5,200,000 and the average days on the market was 466 – 40% longer than the market as a whole.
Pending sales of waterfront property, as of today, number 6 listings, ranging from 8 New Jersey Avenue, a modest beach house in Madaket, listed at $799,000 to 1 Sherburne Way, a newly constructed home in the Cliff area listed for over $20,000,000. Average asking price of these pending sales is $10,676,800; median is $12,700,000 and average days on market is 410.
Waterfront Listings (only counting true waterfront – ocean, Nantucket Sound or harbor – not properties located on ponds) number 36 properties. These range from $495,000 for .58 acres of waterfront vacant land in Madequecham to the much talked-about, and apparently overpriced, listing at 260 Polpis Road for $59,000,000.
For more information on these, or any other, Nantucket properties contact your agent.