Town Assessor Rob Ranney has said several times to the Current in recent months that he has run out of superlatives to describe the current real estate market on Nantucket. As the 2021 year comes to a close, Ranney knows the island is putting a bow on an historic year.
“After what we saw in 2020 I had a hard time believing that we would approach the $2 billion mark, let alone go over it (this year),” Ranney said. “Nonetheless, 2021 easily smashed the record for highest real estate transaction dollar volume for any year in Nantucket history. The year 2021 will end more than 20 percent higher than 2020 which now, thanks to 2021, currently ranks as the second highest dollar volume year.”
As of December 30, there had been 812 sales with a total dollar volume of $2.32 billion this year. Last year there were 679 sales for a total dollar volume of $1.89 billion.
“We often see a flurry of last minute closings on the last days of the year,” Ranney said. “So obviously I don’t know what the final numbers will be, but the above numbers for this year will only go higher.”
Co-founder of Great Point Properties Greg McKechnie says these historic numbers relate to the strange and unprecedented times we are living in. He believes buyers over the course of the past two years have used these unusual circumstances to push themselves towards splurging on things like that island home they always wanted.
“We have been experiencing unparalleled parameters for the past two years,” McKechnie said. “2021 will close out the year with $2.35 billion on over 700 transactions on an island that measures 16 miles by four miles, with over 50 percent of the island under conservation. It is easy to see why in the rearview mirror with factors such as the pandemic highlighting our mortality, decades of wealth creation, and low-interest rates. The combination of these forces has made buyers say if not now, when.”
Ranney said he wasn’t ready to predict the year 2022 will bring an equivalent amount of activity to the real estate market as this year.
“As we ring in 2022 it is likely that the recent market exuberance will gradually fade and we will return to a more normal pace,” Ranney said.
McKechnie agrees that this market isn’t sustainable and said while unprecedented has been the word uttered over and over these past two years, a new word will come into play.
“My prediction for 2022 is that the word that will become numb in our mouths is ‘inventory,'” McKechnie said. “Inventory is at an historic low with 66 properties currently listed where as we typically see 300 or more properties listed.”
But McKechnie says that even if sales trend downward people shouldn’t expect to see sale prices trending downward as well.
“While the transaction numbers will be way off without more inventory coming into the market that may not be the case with the dollar volume as the principles of supply and demand will push prices up,” he added. “But relative to other resort communities, I believe Nantucket still has room for price increases.”
The final Current Real Estate Roundup of 2021 includes property transfers from December 23, 2021 to December 30, 2021. Below we have chosen a Wigwam Road property as this week’s property of the week.
36 Wigwam Road for $7,184,000 from Queens Landing LLC to Aden’s Fine Properties LLC, 1.16 acres, dwelling, and a land bank fee of $143,680 was paid. The assessed value of the property is $4,824,000.
From our sponsor Great Point Properties on the 36 Wigwam Road property: “Located on over an acre of land with expansive views of the ocean and Nantucket Conservation land, this newly completed 7 bedroom home includes every modern amenity. This stunning property offers a main house, studio/garage, pool and cabana.
Entering into the main house is a dramatic, double height foyer, continuing on into a great room and a state of the art Chef’s kitchen with top of the line appliances, a grand master suite, a wet bar (which is perfect for entertaining), and an outdoor deck spanning the length of the house overlooking the yard, pool and ocean.
The other finished levels feature additional ensuite bedrooms, spacious living spaces, a gym, and a sauna. There is also a separate garage studio with a full bath perfect for guests. The 20’x 40’ Gunite pool with a built-in spa is surrounded by bluestone patios, a pergola and a cabana – ideal for outdoor summer living and entertaining. No detail has been overlooked in this modern stunner’s sleek interior, custom finishes and cabinetry, radiant in-floor heating, custom chrome vents and floor grates and an indoor/outdoor sound system.
You can check out more exterior and interior photos, along with additional details provided by Great Point Properties on the property by clicking here.
129 Orange Street (Hatch’s Package Store) for $6,000,000 from Butnell Corporation to Island Orange Group, Limited Partnership, .49 acres, business/dwelling, and a land bank fee of $120,000 was paid. The assessed value of the property is $2,737,400. You can read more about this sale reported earlier this week by the Current by clicking here.
67 Cliff Road for $2,500,000 from EPP Real Estate LLC to Foggy Manor LLC, .50 acres, dwelling, and a land bank fee of $50,000 was paid. The assessed value of the property is $2,133,400.
2 Tennessee Avenue for $2,400,000 from Neal B. Whelden and Christine George Whelden to 2 Tenn Zen, LLC, .26 acres, dwelling, and a land bank fee of $48,000 was paid. The assessed value of the property is $1,385,800.
10 Fox Grape Lane for $2,175,000 from Keith B. Deleon and Tasha N. Deleon to Fox Grape LLC, .16 acres, dwelling, and a land bank fee of $43,500 was paid. The assessed value of the property is $1,473,200.
26 Easy Street for $1,995,000 from TROGOH Nominee Trust to NOTSOEASY LLC, .06 acres, dwelling/business, and a land bank fee of $39,900 was paid. The assessed value of the property is $1,989,200.
17 Bartlett Road for $1,900,000 from Estates of Francis and Bette Spriggs to 17 Bartlett Road LLC, .33 acres, dwelling, and a land bank fee of $38,000 was paid. The assessed value of the property is $1,311,100.
5 Martins Lane for $1,700,000 from Peggy L. Schneider and Tracey E. Shaughnessy, Trustees of the Sara S. Crosby 2016 Irrevocable Trust to 5 Martins LLC, .05 acres, dwelling, and a land bank fee of $34,000 was paid. The assessed value of the property is $1,246,400.
8 White Street for $1,200,000 from Alpine C. Bird and Donald J. Bird, Trustees to Town of Nantucket Affordable Housing Trust Fund, 2.85 acres, vacant land, and a land bank fee was exempt. The assessed value of the property is $940,800.
9 Beach Grass Road for $405,000 from Richmond Great Point Development LLC to 9 Beach Grass LLC, .11 acres, vacant land, and a land bank fee of $8,100 was paid. Assessed value of the property: N/A.
11 Beach Grass Road for $405,000 from Richmond Great Point Development LLC to 11 Beach Grass LLC, .13 acres, vacant land, and a land bank fee of $8,100 was paid. Assessed value of the property: N/A.
