Fisher's Nantucket Real Estate Year in Review 2020

A Comprehensive Real Estate Analysis

by Jen Shalley Allen

508.228.4407 | 21 Main Street, Nantucket, MA | fishernantucket.com

Table of Contents 2020 Year in Review ................................................................................................ 1 2020 Nantucket Real Estate by the Numbers .......................................... 2 Cumulative Sales & Transaction Volume .......................................................4 Single-Family Home Metrics ...............................................................................5 Property Valuation Metrics ..................................................................................8 Nantucket Property Inventory ...........................................................................9 Vacant Lot Sales Metrics ................................................................................... 10 Commercial Property Sales Metrics ................................................................11 Trends Influencing the Nantucket Real Estate Market .........................12

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2020 YEAR IN REVIEW

How We Started...

How It’s Going...

When we opened our doors in 2016, we were a mighty team of four with big ideas and even bigger goals.

We drew upon our collective experience and combined our unique strengths to build a company, and more importantly a team, of which we are exceptionally proud. Now a collaborative team of 15, we’ve planted our Main Street roots and are honored to work with so many clients, friends and members of the Nantucket community.

While 2020 started fairly status quo, we could never have predicted how things would pan out. It was a year filled with ever changing concerns, regulations and uncertainty. We did our best to provide our clients with information and guidance as events unfolded week to week. In endeavoring to troubleshoot new issues and answer many unanswerable questions for our clients, we grew stronger as a team and are so appreciative of the time and energy from each of our agents. We also recognize that we were extremely fortunate to be in a business that fared well in such a chaotic year.

As always, our team remains dedicated to continuing to strengthen and support our community in the ways that we can. We will continue to serve as an industry resource for navigating these unique times and truly look forward to seeing family, friends and clients on the island this year.

Jen, Brian & Cam

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(508) 228–4407 | 21 Main Street, Nantucket, Massachusetts

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2020 Nantucket Real Estate by the Numbers TOTAL SALES FOR ALL PROPERTY TYPES YOY % CHANGE TOTAL SALES IN DOLLAR

TOTAL TRANSACTIONS

$1.85B

631 +49%

+86%

PROPERTY TYPE

DOLLAR

% CHANGE

TRANSACTIONS

% CHANGE

SF Homes

$1.6B

+104%

475

+57%

Land

$123M

+60%

82

+39%

Commercial

$41.6M

-48%

16

-16%

Condo/MF/Co-Op

$84M

+56%

58

+35%

NANTUCKET BUYERS

YEAR END INVENTORY

TOP 10 STATES 2016–2020 % OF TOTAL

# OF TRANSACTIONS

MA 42% 674 NY 11% 183 CT 10% 170

SF HOMES

LAND

COMMERCIAL

FL 6% 103

141

36

19

NJ 5% 75 CA 4% 59

-42%

-20%

+26%

CONDOS/MF/ CO-OP

21

+16%

TX 2% 38 PA 2% 38 MD 2% 34 DC 2% 27 *Data excludes Nantucket buyers

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2020 YEAR IN REVIEW

MEDIAN HOME SALE PRICE SINGLE FAMILY HOMES $2.55

$2.5M

MEDIAN SELLING PRICE

$2.0M

$1.92

$1.5M

$1.48

$1.58

$1.90

$1.86

$1.63

NEIGHBORHOOD BREAKDOWN

$1.24 $1.0M

YOY% CHANGE IN TOTAL SALES $0.5M

$0.0M 2013

2014

2015

2016

2017

2018

2019

2020

PRE-CONSTRUCTION SALES

19

MONTHS ON MARKET

6.9

-15%

HIGH END SALES

78

86

FULL PRICE/ OVER ASK SALES

+77%

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+177%

Brant Point Cisco Cliff Dionis Hummock Pond Madaket Miacomet Mid Island Middle Moors Monomoy Nashaquisset Naushop Pocomo Polpis Quidnet Sconset Shawkemo Shimmo Squam Surfside Tom Nevers South of Town Town Wauwinet

50% 160% 52% 33% 175% 38% 32% 38% 67% 29% -29% 80% -43% 100% 100% 142% 67% 100% 400% -3% 41% -44% 64% 83%

(508) 228–4407 | 21 Main Street, Nantucket, Massachusetts

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MAR KET DATA

Cumulative Sales & Transaction Volume THIRD & FOURTH QUARTER DOLLAR VOLUME SURPASSED $1.5B FOR A RECORD YEAR

January and February 2020 data suggested the Nantucket real estate market might see a continuation of the historically lower dollar and transaction volume trend witnessed in 2019. These months posted lighter transaction activity than 2019 figures, which were also significantly lower than the same period in 2018. Then, by mid-March, the moderate momentum in the market all but evaporated as buyers put on the brakes amid mounting stay-at-home orders and a cloud of uncertainty.

The impact of COVID-19 hit our local market swiftly - transactions that were in progress were either delayed or outright canceled. The second quarter of 2020 saw just 55 transactions, nearly half of

the typical volume, and the least amount of real estate to change hands in a single quarter since 2008-2009. Cumulatively, the second quarter saw declines of 40 percent in both transaction and dollar volume.

As the weather improved and the Massachusetts stay-at-home orders and short-term rental bans were lifted, the island real estate market reversed course in a historic manner. Contract activity rebounded dramatically in June, rising 216 percent from May. From each month thereon, new purchase activity set record after monthly record. The momentum hit fever pitch in September and October, with monthly figures approaching what we would normally

see in a three-month period. The fourth quarter alone posted nearly 300 transactions totaling $870 million, $20 million more than the total dollar volume for all of 2015. Thus, full year results far surpassed any previous record.

With this meteoric rise in demand, home inventory levels dropped to all-time lows and median and average home sale values hit all-time highs. With so many buyers chasing ever-dwindling supply, our market saw more full-price and above-full-price offers than ever before.

Looking forward, the question is: will there be sufficient inventory coming in 2021 to meet the demand that persists across nearly every price point?

TOTAL DOLLAR & TRANSACTION VOLUME* IN $000S 700

$2,000,000 $1,800,000

600 $1,600,000 500

$1,400,000 $1,200,000

400

$1,000,000 300

$800,000 $600,000

200

$400,000 100

$200,000 0 2005

2006

2007

1st Quarter ($)

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2008

2009

2010

2011

2nd Quarter ($)

2012

2013

2014

3rd Quarter ($)

2015

2016

2017

2018

4rd Quarter ($)

2019

2020

Total

0

* Data excludes foreclosure sales and non-market transactions such as affordable/ covenant home sales.

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M ARK E T DATA

2020 YEAR IN REVIEW

SINGLE-FAMILY HOME SALES YEAR-TO-YEAR COMPARISON SINGLE-FAMILY HOMES

2020

2019

% CHANGE

5-YEAR AVG.

% CHANGE

475

302

57%

351

35%

$1,600,378

$785,374

104%

$989,845

62%

Median Sale Price ($000’s)

$2,550

$1,855

37%

$1,971

29%

Average Months on Market

7.3

6.0

22%

6.9

6%

Sale Price / Original List Price

91%

89%

2

93%

-2

Sale Price / Most Recent List Price

94%

93%

1

90%

4

141

243

-42%

204

-31%

Transaction Volume Dollar Volume ($000’s)

Year-End Inventory

*All sales data is as of December 31 and excludes condominiums, foreclosures, affordable home sales and timeshare sales. Sources: LINK Nantucket, Nantucket Land Bank, MA Registry of Deeds

Single-Family Home Metrics SURGE IN TRANSACTION VOLUME LEAD TO RECORD-HIGH VALUES AND RECORD-LOW INVENTORY

After a few years of rising inventory levels and steady to declining single-family homes sales, 2020 proved to provide the turnaround virtually no one expected in midMarch. In total, year-over-year transaction volume soared 57 percent while total dollar volume rocketed up 104 percent – the outsized surge in dollar volume is largely attributed to exceptional transaction activity in the high-end of the market (see page 7).

Perhaps surprisingly, the average marketing time for sold, single-family home properties lengthened by 1.3 months from 2019. This is due to the fact that homes that had previously been marketed for many months, and in some cases many years, finally sold. In fact, there were 16 homes that were marketed for two or more years, nine of which sold for more than $4 million. These outliers negatively impacted the marketing averages for what was otherwise a very rapid sales process for Nantucket properties. With an average discount from the original asking price of 25 percent, these outliers also negatively impacted the sales price metrics, even with the 50 properties that sold for 100 percent or more of the original asking price. In general, the underlying metrics for the majority of the market were better than historic averages, none more so than the median and average home sale values (see page 8).

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We are stating the obvious in saying there was a discernible trend for buyers seeking space, privacy and a sense of place in 2020. Many who may never have considered venturing far from Town saw immense value in acquiring properties with room for the whole family, often with a pool. The area to benefit the most from this trend was ‘Sconset, which saw a 140 percent rise in transactions from 2019, a number well above historic figures. Some of this had to do with the land sale activity discussed on page 10, but also to numerous sales along Low Beach Road, Black Fish Lane and Baxter Road. The Hummock Pond, Squam, Shimmo and Polpis areas also saw more than double the transaction activity from one year earlier, though most were not as significant a shift from historic trends as witnessed in ‘Sconset.

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MAR KET DATA

Single-Family Home Sales by Price Point Under $5 Million HIGH DEMAND CHASED LIMITED SUPPLY & LEAD TO UPWARD SHIFT IN SALES BY PRICE POINT

In a year with such robust buyer demand and an increasingly limited inventory to match the supply, it’s interesting to review the breakdown of sales by price point.

Of course, we can’t do this without noting the record year in the high-end of the market, but we’ll address that on the next page given that it represents only a small slice of the transaction pie (though a tremendous slice of the dollar volume pie).

SALES BY PRICE POINT Number of Transactions

400 -

33 39

) With rising property values, the sub-$1 million market shrank to the lowest percentage of sales in at least five years with just 34 transactions, or seven percent of the 2020 market. On average, homes in this price point sold within 160 days, among the fastest absorption rates by price point.

350 67

300 -

) A similar trend occurred in the $1 million to $2 million price point. Although the number of sales increased from 2019, this segment of the market represented 10 percent less in total transaction volume. In fact, for at least the last five years, this segment of the market had always represented approximately 40 percent of annual transaction volume, but fell to just 28 percent in 2020.

Given that it represents the largest segment of buyers, and inventory in this price point declined by 50 percent throughout the year, it’s become increasingly challenging for buyers to find property in this price range.

4 15

9 20

23

30

250 -

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15 26

11 18 36

200 -

150 -

116 54

100 -

0

71

110 123

50 -

72

55

87

) Homes sales between $3 million and $4 million also nearly doubled, as did home sales between $4 million and $5 million, though each represented just a two percent increase in total transaction volume from 2019.

35

15

58

) This is likely why we saw home sales between $2 million and $3 million double from one year earlier as buyers were forced to increase their budget to get what they wanted. This price point saw the biggest shift from 2019, with a six percent year-over-year increase in its proportional contribution to total transaction volume.

8 16

2015

70

2016

109

57

2017

125

117 133

44

45

2018

2019

$2M - $3M

$5M - $6M

$1M - $2M

$4M - $5M

<$1M

$3M - $4M

34

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M ARK E T DATA

2020 YEAR IN REVIEW

Nantucket Residential High-End Property Sales LUXURY HOME SALES SURGED, DWARFING PREVIOUS RECORDS

With year-over-year transaction volume rising 49 percent and dollar volume vastly outpacing that rise by an additional 37 percent, there is only one thing that explains the gap – the high-end market, or sales above $5 million. Not since 2018 have we seen such a fiery performance at the upper end of the island’s market. In total, there were 86 high-end, single-family home transactions totaling $685 million. This is approximately 177 percent higher in both transaction and dollar volume than was witnessed in 2019 and more than double the figures posted in for high-end activity for the last 10 years.

The most significant increase in transaction volume was witnessed in the $5 million to $10 million range where there were 72 transactions as compared to just 27 in 2019. Within this high-

end sector, the price point which saw the most significant increase in activity was in the $6 million to $7 million where there were 4.5 times more property transfers than one year ago. The $5 million to $6 million price range saw three times as much activity as in 2019 and double the amount tallied for the five-year average.

The ultra-high-end ($10M+) and mega-high-end ($20M+) sectors also saw more activity than any other previous year in our market’s history. Ultrahigh-end sales jumped from three transactions in 2019 (and eight for the preceding five-year average) to 10 in 2020, while mega-high-end sales tallied four transactions in 2020 compared to one in 2019 and two over the five-year average. Suffice it to say, luxury real estate was in very high demand in 2020.

$25M

34 WASHING POND ROAD

$23.5M

248 & 250 POLPIS ROAD

HIGH-END PROPERTY SALES 90 80 70 60

$21M

50

5 SHERBURNE WAY

40 30 20 10 0

2005

2006

2007

2008

2009

High-End $5M-$9.99M

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2010

2011

2012

2013

2014

2015

Ultra High-End $10M-$19.99M

2016

2017

2018

2019

2020

Mega High-End > $20M

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MARKET DATA

Property Valuation Metrics A CLOSER LOOK AT WHAT HAPPENED TO HOME VALUES IN 2020

With a market that saw incredible demand, and record high-end activity, it’s not surprising that property values would see a healthy increase.

The average single-family home sale value rose 30 percent from 2019 to $3.36 million while the median home sale value increased 37 percent to $2.55 million. Wherein we typically see the median value rise less than the average value, in a year with a tremendous rise in transactions above $5 million, the median value was bound to see a handsome boost. But does this metric signify that property values increased 30+ percent over the course of the last 9-12 months?

In looking at various re-trades, where a property previously sold within the last two to three years and then again in 2020 without significant changes, we don’t see any transactions which suggest a 30 percent annualized appreciation.

In fact, of the 25 re-trades we reviewed, the highest annualized appreciation was 13 percent.

We therefore expect that the actualized

appreciation was much lower than what the median and average home sale values reflect, but was significantly higher than in previous years (with rates that averaged between four and seven percent).

What we do know is that the majority of Nantucket buyers are willing to pay a premium for new construction or recently constructed homes. These homes command among the highest sales values on a price per square foot basis and among the lowest discounts from asking price. Of the 54 speculative home sales that took place in 2020, the highest prices per square foot were between $1800 - $2200, the latter for a waterfront property. For nonspeculative development homes, the highest price per square foot surpassed $4000 for three waterfront properties in the Cliff and Brant Point areas. The lowest prices per square foot were in the $300 range, largely in the MidIsland area.

SINGLE-FAMILY HOME MEDIAN SALE PRICE $2.55M $2.5M

MEDIAN SELLING PRICE

$2.0M

$1.58M

$1.92M

$1.90M

2017

2018

$1.86M

$1.63M

$1.48M

$1.5M $1.24M

$1.0M

$0.5M

$0.0M

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2014

2015

2016

2019

2020

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M A R K E T DATA

2020 YEAR IN REVIEW

YEAR-END HOME INVENTORY BY PRICE POINT 2018-2020 <$1M

80

$1M-$2M

$2M-$3M

$3M-$4M

$4M-$5M

32

32

$5M-$6M

$6M-$7M

$7M-$8M

$8M-$9M

$9M-$10M

>$10M

73

70

60 55

53 49

50

40

30

6

27

29

27 21

20

10

17 11

18

17

15

13

13

11 8

6

9

6 3

8 4

5

11 3

14

13 6

0 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2020 2018 2019 2020 2018 2019 2020

Nantucket Property Inventory RECORD DEMAND NEARLY DEPLETED SUPPLY

Average 2020 property inventory was nearly 100 properties less than in 2019. And after a historic sales year, total inventory figures remained at historic lows by year’s end, measuring the lowest level in at least five years. As of December 31, 2020, there were 217 properties listed for sale including residential, commercial and vacant land listings.

This represented a decline of 32 percent from one year ago.

For residential properties, every price point saw an approximate 40 percent or more reduction in forsale properties with the exception of just a few price points. Singlefamily properties listed between $3 million and $4 million did not decline as significantly as the other and

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remained near the same inventory level as we’ve seen over the last three years. Given that yearly sales in this price point saw a bump in volume, it may be that there is insufficient demand to match all of the supply. It could also be that the properties that remain could be mispriced or are somehow not meeting the expectations of buyers.

Similarly, ultra-high-end inventory above $10 million saw a notable jump in activity compared to 2019 and more transaction activity than the five-year average, though property inventory did not decline as much as other price points. Given this is a very limited slice of annual activity, typically representing only two percent of total transaction

activity, it is more likely that this is due to insufficient demand as compared to the $3 million to $4 million segment. That said, in looking at the inventory that remains, it could also be that the properties for sale are not matching $10 million expectations as many of them are smaller properties from a land size perspective and/or may require significant renovation in the eyes of the buyers.

Whichever way you slice it, if 2021 inventory levels continue to remain historically lean, it could be a challenging year for buyers to acquire property and property values will continue to strengthen.

It’s shaping up to be yet another seller’s market.

(508) 228–4407 | 21 Main Street, Nantucket, Massachusetts

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MAR KET DATA

Vacant Lot Sales Metrics PRE-CONSTRUCTION AND HIGH-END TRANSACTIONS LIFTED SALES VOLUME

After a historically lighter transaction year in 2019, vacant land sales enjoyed a very solid year in 2020. This can be attributed to higher end activity that aided in spurring dollar volume and record levels of pre-construction activity, which drove transaction volume. Through the twelve months ending December 31, 2020, vacant land sales measured 82 transactions totaling $123 million, a respective increase of 39 percent and 60 percent from 2019. Two ultra-high-end transactions significantly lifted total dollar volume - the $16 million sale of a 2.5-acre waterfront parcel at 36 Washing Pond Road and multiple parcels, totaling more than five acres, on Brewster Road which sold for $11 million. Additionally, there were 10 other parcels which sold between $2 million and $4.2 million.

The most notable trend in the vacant land sales for 2020 was the high volume

of pre-construction sales, or lot sales with a corresponding construction contract. While this transaction type is not new to the market, it certainly wasn’t one that we saw many of until Blue Flag Development launched Hawthorne Park three years ago. Prior to the numerous pre-construction sales that took place in that neighborhood between 2018-2020, the Nantucket market had never before seen so many sales of this type in one year. 2020 provided the perfect environment for this trend to really gain momentum: strong buyer demand and limited inventory, particularly for new construction in the $2 million to $3 million range. In 2020, we saw 19 lot sales with construction contracts, a record number for Nantucket. Three new developments were the source for the bulk of this activity: Miacomet Preserve, Hawthorne Park and Cannonbury Lane.

VACANT LAND SALES VACANT LAND SALES METRICS

2019

% CHANGE

5-YEAR AVG.

% CHANGE

82

59

39%

70

17%

$122,920

$76,660

60%

$94,415

30%

Median Sale Price ($000s)

$1,010

$1,088

-7%

$938

8%

Average Months on Market

5.2

5.6

–7%

7.7

–32%

Sale Price/Original List Price

88%

88%

0

91%

-3

Sale Price/Most Recent List Price

93%

93%

0

94%

-1

51

45

13%

48

6%

Transaction Volume Dollar Volume ($000s)

Year-End Inventory

10

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M AR K E T DATA

2020 YEAR IN REVIEW

Commercial Property Sales Metrics LOWER VOLUME YEAR SAW FOURTH QUARTER BUMP IN ACTIVITY

COMMERCIAL PROPERTY SALES METRICS

2020

2019

% CHANGE

5-YEAR AVG.

% CHANGE

16

19

-19%

14

13%

Dollar Volume ($000’s)

$41,613

$79,581

-91%

$37,675

9%

Median Sales Price ($000’s)

$2,350

$2,850

-21%

$1,995

15%

8.1

8.5

-5%

7.0

14%

Sale Price / Original List Price

89%

87%

2

92%

-3

Sale Price / Most Recent List Price

91%

92%

-1

93%

-2

19

15

21%

14

26%

Transaction Volume

Average Months on Market

Year-End Inventory

After a very healthy year in 2019, 2020 proved to be a trying year for many commercial businesses given the uncharted territory and changing regulations that many businesses had to navigate. Uncertainty is not typically a boon to real estate transactions and, as a result, there were fewer transactions in 2020 than the year before. This said, with 16 transactions in the 12 months ending December 31, 2020, overall transaction volume wasn’t all that bad given that the market typically sees anywhere from 13-20 commercial transactions per year. The majority of these transactions took place in the fourth quarter, suggesting things may be turning around for the commercial sector.

We know of at least two transactions that dissolved due to the pandemic, and one would have been a significant contributor to higher dollar volume. Highlighted below are a few of the transactions that officially took place…

Road, formerly operated by Grey Lady Marine.

) The commercial transaction that garnered the most public interest was the $3.5 million sale of an 1874 life-saving station turned youth hostel at 31 Western Avenue in Surfside. The winning bidder was Blue Flag Development, with plans to preserve the structure and with an updated hostel and luxury hotel units.

) After two seasons of marketing, the property at 21 South Water Street, formerly operated as Station 21, also changed hands for $2.273 million. We understand it could be operated as two components: take-out food to avail of the existing kitchens and take-out window, and a separate retail area.

) The highest dollar volume transaction was the $8.2 ) A downtown institution, the property formerly million transfer of the properties at 7 & 9 Salem Street from Winthrop Corporation to NIR, which owns the majority of the surrounding properties in that downtown location.

) Another high-ticket commercial sale was the $4.4 million December sale of the property at 13 Arrowhead

operated as Sweet Inspirations at 1 Cambridge Street in Town sold for $2.4 million in November. It was initially listed for sale in October 2019 and went under contract relatively quickly in January 2020. That deal fell apart in April 2020 only for another deal to be put together in October. At this time, we do not know if future plans will include chocolate!

As of December 31, 2020, there were 19 commercial properties listed for sale as compared to the 16 listed one year ago. The properties ranged from a second floor, Main Street condo listed for $795,000, to a consortium of commercial properties on North Beach Street listed for $5 million.

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(508) 228–4407 | 21 Main Street, Nantucket, Massachusetts

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TRENDS

) RISING CONSTRUCTION COSTS

INFLUENCING

While there is a wide range of construction costs depending on the type of project, generally speaking, Nantucket construction costs vary from $450 per square foot for modular construction (Huntington Homes, Dreamline, etc.) to a starting range of $700 per square foot for the traditional, stick-build method of construction where the structure is framed on site.

THE

NANTUCKET REAL ESTATE MARKET

HOW MUCH DOES IT COST TO BUILD ON THE ISLAND?

Factors that impact the price per square foot are the quality and the type of finishes, amenities, and the complexity of mechanical systems and infrastructure.

Several additional factors have more recently been placing upward pressure on construction costs including: a surge in demand with a limited supply of contractors, tariffs on materials, long lead times/complications due to the pandemic and the logistics of travel and housing for subcontractors.

Continue reading more in-depth detail about this topic on Liza Hatton’s blog at: ack.fish/construction

) THE SEPTIC & SEWER MAZE WHAT YOU SHOULD KNOW BEFORE SELLING OR PURCHASING A PROPERTY Nantucket is served by both a municipal sewer system as well as by private septic systems on individual properties. Septic regulations are continually being modified to adapt to new technologies and lessen the environmental impact so it’s important to understand the obligations of property owners and whether these obligations may be impacted by a pending sale.

Additionally, the condition, capacity, and placement of a septic system are all important considerations when buying or selling Nantucket Real Estate, as they may influence the transaction and potentially the property’s value.

Lara Hanson shares more important information on this topic at: ack.fish/septic

) EXPANDING PROPERTY AMENITIES IS THAT A SQUASH COURT IN YOUR HOME? When looking to sell your property it’s important to set it apart from the field. Most properties on Nantucket are uniquely different but have similar amenity offerings. More and more we are seeing homes with pools, tennis courts or bocce courts. You almost can’t find a house these days without an outdoor shower, or four.

This year though, it seemed as we had some extremely unique properties which were the talk of the market for one reason or another. No, it wasn’t the view, the movie theatre or the infinity edge pool…

Check out the cool new amenities we saw in 2020 on Cam Gammill’s blog at: ack.fish/amenities

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2020 YEAR IN REVIEW ) SHORT-TERM VACATION RENTALS HOW THE LOCAL RENTAL MARKET IS CHANGING...

Here on Nantucket, it’s not just the sales market that is exceeding expectations, the rental market is also booming. Prior to 2020, short-term rentals (31 days or less) were the norm with one- to two-week rentals being the most common. Now that many families are working and educating remotely, renters are booking properties for multiple months and, in some cases, a full year. The uncertainty of international travel has also kept families local and increased the demand for a vacation close to home. Demand has seemingly never been greater.

Yet, with a record sales year, there is a shortage of rental homes as properties are acquired by new owners who may not be renting at all or who may be looking to use the properties themselves in 2021, thereby limiting availability.

There is also an organization proposing a new Town by-law that would not only limit the duration of a rental but also the aggregate amount of time a property could be rented in a calendar year.

It may also cap the number of occupants and parking spaces per short-term rental.

There is much afoot for the rental market so read more on Sarah Holmes’ blog at: ack.fish/shortterm

) BRANT POINT PROPERTY SALES IS NEGATIVE PUBLICITY IMPACTING SALES? On an island 30 miles out to sea, it’s no surprise that the local geography is vertically challenged, and that flooding is an issue in many prime locations. This topic has become more and more present in the media and we’ve wondered how much the publicity may or may not be impacting sales. So, we turned to the data and you might be surprised by what we found.

Learn more with Cam Gammill’s blog at: ack.fish/bpsales

) THE NEW FEMA MAPS WHAT DO THE NEW MAPS MEAN FOR NANTUCKET? Rising sea levels, erosion, coastal resiliency are all subjects of interest to any lover of Nantucket. Many of us know to reference the maps of the Federal Emergency Management Agency (FEMA) when we are looking at specific properties or concerns around the island, but did you know a new tool has been created to investigate future coastal erosion impacts due to sea-level rise?

) NANTUCKET’S DRINKING WATER BEST TO TEST BEFORE SELLING OR PURCHASING

We review the new maps that are provided as nonregulatory FEMA products to be used as a tool to identify areas where coastal erosion is a hazard, plan future mitigation actions and ultimately facilitate the reduction of future erosion risk, something that everyone on Nantucket would like to “sea” happen.

Nantucket’s drinking water is primarily pumped from two aquifers. These aquafers are replenished by the rainwaters and are filtered through 150 feet of the island’s sandy soil. This water has historically been known to be some of the purest in the northeast due to the incredible filtration of the island. This year reports came out that some water wells close to the airport were contaminated by chemical runoffs. This can be alarming for buyers purchasing a property on well water and it can create quite the hiccup for a seller. Luckily, there are tools to help test and gather information about the water so everyone can make an informed decision.

Continue reading on Brent Tartamella’s blog at: ack.fish/fema

More information can be found on Danno Lynch’s blog at: ack.fish/water

© 2 0 2 1 F I S H E R R E A L E S TAT E

(508) 228–4407 | 21 Main Street, Nantucket, Massachusetts

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Brian Sullivan Jen Shalley Allen Cam Gammill Joelle Bouchard Lara Hanson Liza Hatton Sarah Holmes Cait Kappler Marleah Lydon Danno Lynch Gina O’Callaghan Brent Tartamella Gaelan Truyman Erin Wilson Quinn Veysey

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(508) 228–4407 | @fishernantucket | #fishernantucket 21 Main Street, Nantucket, Massachusetts

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