Great Point Properties 2023 Annual Report

2023

ANNUAL REPORT

| 1 ANNUAL REPORT 2023

CONTENTS 4 6 8 10 12 14 15 18 19 20

ANOTHER STRONG YEAR

2023 SALES

2023 TRENDS

LOCATION, LOCATION, LOCATION

YEAR IN REVIEW

A NEIGHBORHOOD CASE STUDY

GPP QUICK READS

HOMES SALES BY AREA

AN UPDATE ON THE RENTAL MARKET

TOP STORIES FROM 2023

SA LE S & R E N TA L OFFICE S 1 NORTH B EA C H S TR EET NANT U C K E T, MA 0 2 5 5 4 508.22 8 . 2 2 6 6

6 MAIN S TR E E T SIASC O N S ET, MA 0 2 5 6 4 508.25 7 . 6 3 3 5 GREAT P O I N T P R O P E RT I E S. C O M 2 | GREAT POINT PROPERTIES

Our Mission Nantucket. It’s not a destination on a map. It’s a state of mind.

Great Point Properties is one of the largest real estate firms on Nantucket. But what sets us apart is so much more than size. Guided by strong leadership, we operate as a seamless team with an incredible depth of knowledge, deep roots in the community, and a level of accountability and personal service second to none.

We have a proven track record of success that spans more than two decades. In fact, most of our principals’ business is referral only, which speaks to the level of attention we deliver. Yet we do not rest on our laurels. Whether it’s a sale or a rental, we have exceptional follow-through.

And our team will work tirelessly to ensure your satisfaction.

About Us Great Point Properties was founded in 2002 by brokers Greg McKechnie and Bill Liddle. After six highly successful years in business, in 2008 they joined forces with Edward Sanford of Sanford Real Estate under the Great Point Properties name. Together, they set out to create an elevated experience in Nantucket real estate.

In 2013, GPP purchased Sconset Real Estate, the only firm focused solely on the island’s unique east end. The firm offers unparalleled knowledge of this distinct market, supplemented by the services of Great Point Properties staff.

Today, Great Point Properties is one of the most successful real estate firms on the island. Each member of our staff truly believes that we are only as good as our last transaction. So we work extremely hard to earn and keep our clients’ trust. We would say that our team members go above and beyond, but truth is, they are just doing their jobs the only way they know how.

In our 21st year, Great Point Properties has grown to 29 agents and 5 full-time administrators. | 3 ANNUAL REPORT 2023

Another Strong Year

Settling into Nantucket real estate’s “new normal” Great Point Properties closed out our twenty-first anniversary with gratitude for our amazing team and all our trusted clients and supporters. 2023 was a year of mixed messages that included record-setting highest home sales, higher average prices amid rising interest rates, more cautious buyers, and modest inventory levels. 2024 promises to present new trends and new headlines, and we look forward to keeping you informed along the way.

Bill Liddle, Principal

The 2023 real estate market posed a question that is difficult to answer. Properties for sale remained at an alltime low despite strong buyer demand. As a result, we saw the lowest transaction volume since 2009, in the depths of the Great Recession. But values remained firm. Why are property owners sitting on the sidelines? I can speculate on various reasons but suspect the underlying reason is that Nantucket continues to be hugely popular. Will 2024 be a return to the pre-pandemic normalcy, or have we crossed the Rubicon to a new normal?

2023 was, if nothing else, an interesting year. The Nantucket real estate market was impacted by significant geopolitical turmoil, uncertainty in equity markets, rapidly rising interest rates, and a lack of inventory. While many forces might have deterred them, buyers remained committed to having their piece of Nantucket, and when the right property came along, they stepped up.

While it was a challenging year for real estate offices, our team performed remarkably. In our twenty-first year, I can’t imagine being prouder of saying I work with such talented individuals.

Edward Sanford, Principal

Greg McKechnie, Principal

“While many forces might have deterred them, buyers remained committed to having their piece of Nantucket.”

Greg McKechnie, Principal 4 | GREAT POINT PROPERTIES

2023

Market Snapshot

GPP

24%

$1.7B $1.63B

3 9 O THE R O FFICES

76%

$1.2 B

2 0 2 3 T O TA L T R A N S A C T I O N V O L U M E GPP MARKET SHARE

GPP

22% 2023

2022

5 Y R . AV G .

T O TA L I S L A N D D O L L A R V O L U M E I N B I L L I O N S

3 9 O THE R O FFICES

78%

2 0 2 3 T O TA L D O L L A R V O L U M E GPP MARKET SHARE

400 300

GPP

200

400

100

300

0

2015-19 AVG 2023

14%

200 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 100 225.8 266.4 301.4 351.2 376.2 375.2 372.2 343 317.8 257.6 221.8 65 77 96 111 106 118 105 138 134 129 104 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2015-19 AVG 221 221.8 225.8 266.4 301.4 351.2 376.2 375.2 372.2 343

Jan 221 65

2023

65

65

77

96

111

106

118

H O U S E S L I S T E D F O R S A L E AT M O N T H ’ S E N D

105

138

134

ALL O THE R RE NTA L O FFI CE S

Nov Dec 317.8 257.6 129 104

86%

2 0 2 3 N A N T U C K E T R E N TA L MARKET - GPP SHARE

| 5 ANNUAL REPORT 2023

2023 Sales: $1.2 Billion on 307 Transactions

H O M E SA L E S: $ 1 B O N 2 5 6 TR ANSACTI O NS

$

4M

102

$

42M

$

2.8M

AVERAGE SALE PRICE

AVERAGE DAYS ON MARKET

HIGHEST SALE PRICE

MEDIAN SALES PRICE

COMPARED TO 2022: $3.7M

COMPARED TO 2022: 74

COMPARED TO 2022: $37.6M

COMPARED TO 2022: $2.4M

L A N D SA L E S: $ 9 1 M O N 3 6 TR ANSACTI O NS

$

2.5M 65

$

10M

$

1.8M

AVERAGE SALE PRICE

AVERAGE DAYS ON MARKET

HIGHEST SALE PRICE

MEDIAN SALES PRICE

COMPARED TO 2022: $1.6M

COMPARED TO 2022: 64

COMPARED TO 2022: $18.8M

COMPARED TO 2022: $1.9M

C O M M E R C I A L SA L E S: $ 8 0 M O N 1 5 TR ANSACTI O NS

$

5.3M 128

$

42M

$

2.7M

AVERAGE SALE PRICE

AVERAGE DAYS ON MARKET

HIGHEST SALE PRICE

MEDIAN SALES PRICE

COMPARED TO 2022: $2.1M

COMPARED TO 2022: 33

COMPARED TO 2022: $4.75M

COMPARED TO 2022: $2M

6 | GREAT POINT PROPERTIES

A Few of GPP’s Recent Sales $225 Million on 50 Transactions

23B RHODE ISLAND AVENUE, MADAKET

42 CHUCK HOLLOW ROAD, TOM NEVERS

19 RIDGE LANE, FISHERS LANDING

Sold $1,335,000

Sold $6,200,500

Sold $2,800,000

19 OSPREY WAY, CISCO

25 WILLARD STREET, BRANT POINT

3 MASAQUET AVENUE, SURFSIDE

Sold $6,000,000

Sold $3,850,000

Sold $3,500,000

12 GALEN AVENUE, BRANT POINT Sold $5,800,000

10B DELANEY ROAD, CLIFF Sold $5,990,000

4 HYDRANGEA LANE, SCONSET Sold $3,750,000

| 7 ANNUAL REPORT 2023

2023 TRENDS 8 | GREAT POINT PROPERTIES

Home Transactions vs.

Dollar Volume TRANSACTIONS

136

59 39

UP TO $3M

$3M-$5M

$5M-$8M

9

8

$8M-$10M

$10M-$15M

5 $15M+

$79.9M $92.6M $144.2M $225.5M $228.2M $229.6M DOLLAR VOLUME | 9 ANNUAL REPORT 2023

Location, Location, Location And why it still matters The top criteria of choosing real estate based on location may no longer be a driving force in decisionmaking, at least on Nantucket, as the cost to enter the market in any area continues to rise. Some peers in the real estate community say, “Nantucket is the location.” Perhaps there are elements of accuracy to this statement. No matter where you are on Nantucket, your favorite beach, Town, and our miles of conservation land are only a stone’s throw away.

When land was plentiful in the 1980s, developers had to brand Mid-Island locations to fetch more premium prices. First, it was Nashaquisset with the promise of guaranteed rental income and the lure of pool and tennis, which was a new concept to the market. Soon after, what is now known as Naushop followed with similar efforts and taglines like “What’s behind the white picket fence?” These developments were an early success. Perhaps these developments can be attributed to paving the way for other successful Mid-Island developments including Beach Plum Village, Sandpiper Place, and Fawn Lane.

Before we sign off on Nantucket being the location, consider this: as of December 2023, there are 122 properties listed for sale. Based on the total available sales inventory, here is a brief snapshot of properties available in some of the most sought-after locations compared to Mid-Island:

5

5

2

MONOMOY

CISCO

BRANT POINT

4

0

31

POLPIS

SHIMMO

MID-ISLAND

When combining scarcity and demand, many locations like the ones noted above are simply too costly for many of today’s buyers. The more attainable entry point for Mid-Island locations has created a market for a broader pool of buyers. Additionally, the size and quality of the newer MidIsland homes have combined to establish the idea that Nantucket is the location.

10 |

But let’s not forget the magic that many special locations offer - whether it’s enjoying a view over Nantucket Harbor, walking out your front door and being in the center of Town in minutes, biking to Cisco Beach to check the waves, enjoying 21st-century living in a 19th-century fisherman’s cottage in Sconset, or waking to the sound of the early morning ferry rounding Brant Point.

GREAT POINT PROPERTIES

Highest Mid-Island Sale 27 TICCOMA WAY $4,725,000

Highest Island-Wide Sale 68 & 72 MONOMOY ROAD $42,000,000

Highest Cliff Sale 81 CLIFF ROAD

$11,500,000

| 11 ANNUAL REPORT 2022 2023

Year in Review 2023 Appraised $0.0real estate $0.0 sales $8.5 $0.0 $0.0 $1.7 The theme$8M for- $10M 2023 Nantucket was constantly peculiar.

Compared to$0.00 2022 and the previous five years’ $10M - $15M $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.00 average, $15M house and land transaction volume was significantly The year$0.0 started with - $20M $0.0 $0.0 $0.0 $0.0 lower. $0.0 $0.00 low transaction volume, which > $20M $25.9 $25.1 $0.0 $105.5 $0.0 $31.3 $42.00 never gained any momentum.

As a result, we saw a notable downturn in house transaction volume, bringing 2023 to the TOTAL $47.0 $83.5 $47.3 $227.5 $30.7 $87.2 $80.2 as of 12.31 $25.8 $60.7 $47.0 $83.5 $47.3 $52.8 TBD lowest level since 2009. Land sales saw a similar decline, with the lowest transaction total since 2009.

ALL TRANSACTIONS ALL TRANSACTIONS Transactions Houses Land Commercial TOTAL

2018 380 123 11 514

2019 354 69 20 443

2020 544 87 17 648

2021 566 139 45 750

2022 345 123 14 482

2023 256 36 15 307

23 v 22 -26% -71% 7% -36%

18-22 AVG 438 108 21 567

23 v AVG -42% -67% -30% -46%

Dollar Volume (M) Houses Land Commercial TOTAL

2018 $961 $137 $47 $1,145

2019 $840 $79 $83 $1,002

2020 $1,698 $124 $47 $1,869

2021 $1,877 $228 $227 $2,332

2022 $1,408 $197 $31 $1,636

2023 $1,030 $91 $80 $1,201

23 v 22 -27% -54% 161% -27%

18-22 AVG $1,356 $153 $87 $1,597

23 v AVG -24% -41% -8% -25%

Transaction dollar volume told a different story, however. House dollar volume, which on average represents 84% of all annual dollar volume, had a good year, topping $1 billion for the fourth consecutive year. Total dollar volume finished at $1.2 billion, topping $1 billion for the seventh year in a row, largely as a result of the housing transactions. Why did this occur in the face of such a transaction decline?

Percentage of Total

2018

2019

2020

2021

2022

18-22 AVG

2023

Houses 73.9% 84.0% 75.5% 83.4% The 2023 house sales market was still79.9% very much a seller’s market.71.6% Since the77.0% onslaught of sales fueled by the pandemic, Land 23.9% 15.6% 13.4% 18.5% 25.5% 19.4% 11.7% the inventory of houses for sale demand, typically3.6% impacted by interest rates and other Commercial 2.1%has fallen 4.5% constantly.

2.6% Buyer 6.0% 2.9% 4.9% macroeconomic events, moderated only slightly. Days on market remained very low, indicating that there was strong Dollar Volume 2017 2018 2019 2020 2021 17-21 AVG 2022 90.8% 80.5% 86.1% 85.0% 85.8%feel). Although houses lingered demandHouses for the right product83.9% (typically83.8% a home in excellent condition with a contemporary Land 11.9% 7.9% 6.6% 9.8% 12.1% 9.7% 7.6% longer on the market compared to 2022, days on market were still modest compared to the pre-pandemic 2015 – 2019 sales market. The pandemic has had a profound impact on home inventory. Beginning in 2021, as sales surged, houses listed for sale started to decline. Three years later, this has remained a constant. Property owners do not want to sell.

Why? Here are a few thoughts:

Interest rates started rising in early 2022 and peaked this past October.

Many owners who had bought a property in the previous ten years had financed a portion of the purchase with historically low interest rates.

Selling, and giving up a low-interest rate for one that may have been double the previous one, made a new home purchase more expensive; especially coupled with higher prices.

12 | GREAT POINT PROPERTIES

Did the pandemic create an emotional epiphany? Amid worldwide turmoil, seasonal residents flocked to the island. Many had never spent time on Nantucket outside the busy summer season. Experiencing the serene off-season beauty, the island started to present something more than just a summer vacation destination, and seasonal owners began to see Nantucket as a true home for them and their extended family. Properties became less of an investment vehicle.

Over the last 60 years, the island community has conserved vast amounts of acreage, either by outright land ownership or via regulatory means.

Today, there is a palpable sense that development is largely over and supply is significantly restricted. These conservation efforts, coupled with the corresponding island urbanity and its historical culture, have created a huge demand for Nantucket real estate. As a result, owners intuitively understand that it is difficult to get back into the market once one has sold.

Market Observations: 2015 – 2019 Average vs. 2023 The five years before the start of the pandemic provide a good definition of the market. With 2023, the year of constant peculiarity, beyond us and being one year removed from the outlier years of 2020-2022, excepting some unforeseen significant economic downturn, the 2023 market conditions may be the new normal for island real estate sales.

HOUSES SALES BY PRICE POINT AS A PERCENTAGE OF ANNUAL HOUSE SALES 62% 60% 40%

45% 27%

30%

25%

19%

15% 0%

In 2023, house sales of $2 million and above represented 73% of sales versus just 38% for the 2015 – 2019 period.

7% < $2M

$2M - $4M

4%

$4M - $6M

15-19AVG

DAYS ON MARKET

9%

5%

2%

$6M - $10M

>$10M

2023

NEW LISTINGS VS. ANNUAL SALES

New house listings declined 37% and sales fell a corresponding 33%.

550 537.8

450

180 174.4

381.8

350

140

338

100

102

250

103.4

60

256

150 55

20

AVG

2015-19 AVG

MED

2023

50

NEW LISTINGS

2015-19 AVG

Average and median days on market declined 42% and 47% respectively.

SALES

2023

What’s Next With constrained inventory and ongoing demand, values held firm in 2023. The average sale price for a home was $4,023,000, slightly below 2022’s all-time high. The median sales price stayed the same at $2,850,000. Even with very low transaction volume, defined by owner reluctance to list properties, dollar volume has held, and values are still at all-time highs, despite the declining transaction volume.

As 2024 unfolds, Great Point Properties expects some increased sales volume. The equity markets have had an excellent year, and interest rates are receding. Lower rates will benefit sellers who wish to become buyers again, as well as buyers getting into the market for the first time. The ongoing constant is Nantucket’s tremendous popularity. That remains unabated, as always.

| 13 ANNUAL REPORT 2023

A Neighborhood Case Study Measuring the Market: Naushop & Nashaquisset Real estate on Nantucket varies tremendously. Quality and age of construction, location, zoning allowances, amenities, lot size, and encumbrances such as wetlands or restrictions all impact valuations.

These many nuances are why we do not use price per square foot to establish home values. However, by looking at Naushop and Nashaquisett, which offer consistency and uniformity in lot size, house type, architecture, and square footage, we can get an overall sense of what has happened to the housing market over the past five years.

Nashaquisett is a planned neighborhood of approximately 96 homes that share the use of two HarTru tennis courts and a community pool. Ownership is via a Cooperative and offers basic property management.

Naushop is a planned neighborhood of 196 Fee Simple homes in the Mid-Island area. The community offers a pool, playground, two tennis courts, and the now essential pickleball court. Naushop has a very active HOA that helps ensure the homes maintain a certain level of upkeep. Here is the summary of sales: Since 2018, there have been 35 sales in Nashaquisett, ranging from a low of $950,000 (2018) to $2,885,000 (2023).

NASHAQUISSET AVERAGE PRICE PER SQUARE FOOT

2018

84% increase

$594

2023

$1.093

Looking at Naushop, in the past five years, there have been 66 home sales, with a low of $675,000 (2018) to a high of $2,927,000 (2023).

NAUSHOP AVERAGE PRICE PER SQUARE FOOT

2018 2023

73% increase

$558 $968- High $2,132

These two areas of the island can tell us a lot about the market as a whole and demonstrate the appreciation of a Nantucket property in a fairly short amount of time.

In the fourth quarter of 2023 in Nashaquisett and Naushop, only four properties went under contract. This could likely be attributed to low inventory, interest rates hitting a twenty-year high, and affordability among buyers hitting a ceiling when combining higher interest expenses and all-time high average prices in these two neighborhoods. Prices in Nashaquisett and Naushop are typically under $3,000,000, a price point in which buyers typically are more interest rate sensitive. Since interest rates broke the 7% barrier in July, there has only been one property that received an accepted offer, and that property closed at 88% of the original asking price. When factoring in these market conditions combined with buyers’ growing caution, this suggests that the rapid rate of appreciation is on pause until another market catalyst helps fuel new highs. In the meantime, based on low inventory, strong short-term rental demand, and reluctant sellers, we anticipate these neighborhoods, and likely the island as a whole, to enjoy a stable pricing environment for the upcoming year.

14 | GREAT POINT PROPERTIES

GPP Quick Reads 2024 Forecast

2023 Market Summary

By Ethan Ulmer At the time of writing this, equity markets are approaching all-time highs. The Federal Reserve has indicated inflation is seemingly under control, and they now anticipate multiple rate cuts in 2024. This combination of inflation, nearing the Fed’s target, and dropping interest rates should provide an upward catalyst for real estate markets nationwide.

These two factors slowed down our market in 2023, though they seem to be reversing. Assuming the above holds true, we avoid recession, and the Fed

By Sam Parsons 2023 has been an interesting year.

While we’ve seen a shift in motivation from buyers compared to the past three years, when it comes to the right property, they remain on the sidelines ready to move quickly if a home is listed that matches their criteria.

Typically, this involves a specific location. More recently, buyers are looking for a newer, turnkey, renovated, and furnished home that is move-in ready. For many, summer on Nantucket is busy enough and buyers remain willing to pay a premium for a property that needs little to no work.

sticks the “soft landing,” I anticipate another strong year in demand and price appreciation for Nantucket real estate.

What’s “New” for 2024?

By Laura Belair, Alexa Coleman, and Tracy Cullinane For 2024, we believe that buyers’ preferences towards new will remain the norm. Currently, there are 16 new or recently renovated homes for sale. Seven are located in the Mid-Island area, with prices ranging from $1,975,000 to $4,395,000. The nine other homes, most with swimming pools, range from $5,995,000 to $13,990,000. With property values hitting new heights in many locations over the last couple of years, we have seen a pullback amongst developers who have deemed traditionally soughtafter areas such as Brant Point and Cliff too expensive for speculative investments. At the same time, we have observed a major shift and rapid growth of new homes in pockets of Mid-Island, where developers can find vacant land at more affordable prices and deliver new homes at attainable levels. Neighborhoods like Maple Lane, Grey Lady Lane, Fawn Lane, and Beach Plum are all examples. We see the trend of low inventory holding steady in 2024 except for Mid-Island, where we anticipate a decent flow of new product.

Update from Our Sconset Office

By Katie Seholm, Sarah Maneikis, and Debbie Willett In 2023, our dedicated Sconset team saw the lowest inventory we’ve seen in years, which escalated prices.

As of December 2023, Sconset saw 28 transactions, with four land sales and 24 single-family home sales. Prices ranged from $1,000,000 to a whopping $14,000,000. Many consumers were not prepared for this dramatic shift in pricing and were sidelined. However, properties under $3,000,000 brought multiple bids and a few overbids. Despite the historically low inventory, 2023 showed a significant increase in dollar volume with $123,504,000 in transactions. With several Sconset buyers awaiting new listings and just 18 properties available as of December 2023, we’re excited for another busy year as the only real estate office in Sconset.

| 15 ANNUAL REPORT 2023

Where in the World is GPP? On Nantucket & beyond, our Great Point Properties hats made the journey with us

Caroline Curnow Lithuania

Liz Finlay Galapagos Islands

Amber Cantella Italy

Tracy Cullinane Albania

Katie Seholm Nantucket

Debbi Deeley Culbertson Israel

Nicole Bousquet

Sarah Maneikis

Greg McKechnie

Morocco

Nantucket

Nantucket

16 | GREAT POINT PROPERTIES

�

We are celebrating our 21st anniversary.

Let us reintroduce ourselves. �

We are locally owned with two offices, both on the island.

�

We are consistently a leader in the Nantucket real estate market. Over $894 million in sales in the last two years.

�

In 2023, we sold 24% of all listings on the island.

�

We have a proven track record of success that spans more than two decades. Our commitment to client services has made us one of the top referral-led businesses.

�

We donate our money and our time. We are youth sports coaches, board members, treasurers, teachers, and protectors of four-legged creatures.

�

We offer accountability and personal service second to none.

Most importantly, our team of 29 agents call Nantucket home. We look forward to helping you Find Your Nantucket. www.greatpointproperties.com

| 17 ANNUAL REPORT 2022 2023

Home Sales by Area TOWN

62

MID-ISLAND

47

SCONSET

25

SURFSIDE

14

13

BRANT POINT

10

CLIFF

10

MADAKET

CISCO

NAUSHOP

HUMMOCK POND

5

MONOMOY

5

POLPIS

5

NASHAQUISETT

4

WEST OF TOWN

DIONIS

2

FISHERS LANDING

2

MIDDLE MOORS

2

POCOMO

2

QUIDNET

SHIMMO

2

SOUTH OF TOWN

2

MADEQUECHAM

QUAISE

SHAWKEMO

TUCKERNUCK

WAUWINET

SQUAM

1

18 | GREAT POINT PROPERTIES

1

9

1 0

8

1

MIACOMET

7 3 2 1

An Update on the Nantucket Rental Market Spending more and staying longer

In June 2023, the Inquirer and Mirror reported that summer rentals islandwide were down 25%. But sometimes, you need to dig in further to fully understand what the numbers mean, and often, the numbers do​not tell the whole story. Comparing 2023 to 2022, Great Point Properties’ lease numbers only deviated by 5%, a far cry from the 25% that hit the headlines. And surprisingly, our lease dollar volume is nearly equal, slightly surpassing 2022. ​But a 5% decrease in business needs analysis. Some of this could be pushback on overly ambitious homeowners who have continually pushed the envelope on pricing without making substantive improvements and are now seeing resistance from tenants. Some of this could be attributed to a return to post-pandemic normalcy with a less frenetic pace on the island. But in reality, when we dug further, we determined that a decrease in lease numbers is not indicative of actual market activity​as the lease numbers did not consider the duration of those leases.

In 2018, 54% of all Great Point Properties leases were 7 days or less; in 2023, 50% of our leases were 7 days. Over the past five years, leases of 7 days or less remain the norm, having only deviated by 4%.

The area where we have seen the greatest variation is in leases 14 days or longer. In 2018, leases of 14 days or longer only accounted for 34% of all Great Point Properties lease volume, while in 2023, leases of 14 days or longer accounted for 44%. This past year, our office did 838 leases.

So yes, in 2023, there was a very slight pullback in the rental numbers, but in reality, this can be attributed to people spending more and staying longer.

In 2023, based on Room Occupancy Tax collected by the Town of Nantucket, Great Point Properties represented 14% percent of the rental tax revenue raised in 2023. Representing this level, we provide an accurate snapshot of the Nantucket vacation rental market.

| 19 ANNUAL REPORT 2023

Top 10 Stories from 2023 Here’s what you should know

1. Interest rates hit a 20-year high The average 30-

year mortgage rate in the U.S., which was below 3% less than two years ago, exceeded 7% in August 2023 and peaked at 7.79% in late October, making it the highest mortgage rate since November 2000.

2. Sconset Beach Preservation Fund, an organization dedicated to preserving the Sconset Bluff from erosion, stated back in January 2023 that their 10+ year effort to save the bluff along Baxter Road had ended. But just 11 months later, a formal notice of intent was filed by the Select Board and SBPF with the Conservation Commission, which would aim to expand the geotube installation in a phased approach.

3. Highest single-family home sale 68 & 72 Monomoy Road sold in September for a whopping $42,000,000, boasting 8,000+ square feet.

4. First Republic Bank, one of the island’s major home lenders, collapsed in May 2023, becoming the secondlargest bank failure in U.S. history with most of its business sold to JPMorgan Chase.

5. Special Short-Term Rental (STR) Town Meeting

4 years of debate and counting. After heavy politicking and a great deal of confusion, at the 2023 Annual Town Meeting, Nantucket voted down rental regulations proposed by the Short Term Rental Work Group, which was formed in last year’s ATM to establish regulations. Rental regulations are back on the ballot for the 2024 ATM.

7. Housing advocate Billy Cassidy A collaboration

between the Affordable Housing Trust, local builder Billy Cassidy, and Housing Nantucket will provide affordable housing in the Wiggles Way area off Fairgrounds Road to 22 households this year. Cassidy was the inaugural recipient of the Dr. Howard Dickler Affordable Housing Advocacy Award.

8. Town buying historic Lifesaving Station The

Town of Nantucket reached a deal in December 2023 to buy the former Surfside Lifesaving Station and Star of the Sea Hostel property for $6 million from Blue Flag Partners.

The property, located at 31 Western Avenue, will be used as seasonal lifeguard and municipal employee housing.

Blue Flag Partners originally purchased the property in October 2020 for $3,550,000.

9. Nantucket’s “new downtown” In November

2023, the Nantucket Planning Board approved the “new downtown” development on Sparks Avenue, one of the largest mixed-use buildings to be permitted by the Planning Board. The 1.6-acre property has plans to include a bowling alley, arcade, multiple restaurants, and 32 apartment units.

10. Wind farm construction underway Vineyard

Wind, a 62-turbine wind farm spaced one nautical mile apart, is set to become the country’s first large-scale offshore wind farm. Under construction in federal waters 15 miles southwest of Nantucket, each turbine raises 837 feet in the air and is sometimes visible from the island’s South Shore beaches.

Featured Listings

6. A busy year for the Nantucket Historic District Commission In 2023, the HDC issued 90 new dwelling permits and 112 new residential pool permits.

20 | GREAT POINT PROPERTIES

Protecting Our Open Space 2023 was a busy year for land conservation on Nantucket. The Nantucket Conservation Foundation celebrated its 60th anniversary as the island’s largest land owner, responsible for protecting 30%, or over 9,011 acres, of open space across their 215 properties.

The Nantucket Land Bank, which collects a 2% fee on all real estate transactions, generated $23,484,798 in 2023. This funding is used to acquire and manage land for open space, agriculture, and recreational uses. This year, they spent $10,600,000 on four properties totaling 16.57 acres. The acquired parcels range from 11 acres of undeveloped land in Hummock Pond to a vacant lot abutting the Land Bank’s existing Consue Springs property located in Town.

14,000

50

%

A CRES OF OPEN LAND CUR R ENT LY

O F TH E IS L A N D IS P E R MA N EN TLY

P R OT ECT ED ON NANT UCKET

P R O TEC TED FR O M D E V E L O P MEN T

A N A C RE , 43,56 0 S Q U AR E FE E T, I S TH E E Q U I VA L EN T O F A FO O TBA L L F I EL D E X C LU D I N G T H E EN D ZONES.

N A NT UCKE T LAND C O N S E R VAT IO N K E Y UN P ROTECTED L AND P RO T ECTED CONSERVATI ON LA ND

| 21 ANNUAL REPORT 2023

Connect with us @greatpointproperties @greatpointproperties @NantucketSales @greatpointproperties @NantucketProperties

TO STAY UP TO DATE O N A LL THI NGS NA NTUCKE T REAL ESTATE, SUBS CR I BE TO O UR NEW S LETTER .

S AL E S & RE NTAL O FF I CE S 1 NO RTH BEA CH ST R EET N ANTUCKET, M A 02554 5 08.228.2266 6 M A I N S TREET S IA S CO NS ET, MA 02564 5 08.257.6335 G R E ATPOI NTPROPERTIES.C OM

22 | GREAT POINT PROPERTIES

TE AM

BILL LIDDLE GREG MCKECHNIE EDWARD SANFORD

LAURA BELAIR

S A M PA R S O N S

NICOLE BOUSQUET

STUART REID

AMBER CANTELLA

BOBBY SABELHAUS

ERIN CARSON

K AT I E S E H O L M

BERNIE COFFIN

C A RY T U R N E R

CAROL COFFIN

ETHAN ULMER

ALEXA COLEMAN

DEBBIE WILLETT

DEBBI DEELEY CULBERTSON TRACY CULLINANE

CAROLINE CURNOW

L I Z F I N L AY

ELLA GAMMONS

JIM GARRELS

JULE HALL

D A W N H I L L H O L D G AT E

LIZ MCCUSKER

BARBARA ANN JOYCE

SAMANTHA PEBLEY

DENISE LABOMBARD

SHANE RILEY

M I CH E L E L I N D ST E D T

A L LY U L M E R

SUSAN LISTER LOCKE NICHOLE MARKS SARAH MANEIKIS PA U L A M C A U L E Y

GIVING BACK: THIS YEAR, WE WERE LUCKY ENOUGH TO SPONSOR, VOLUNTEER, AND PA R T I C I PAT E I N A N U M B E R O F N O N P R O F I T E V E N T S .

Follow along on instagram to see the work these island organizations do!

@ni shani m al s

@ackchamber

@nantucketcommunitysailing

@harveyfoundationack

@theatrenantucket

@habitat.nantucket We held a pickleball tournament this spring and all proceeds benefited Habitat Nantucket!

| 1 ANNUAL REPORT 2023

2 | GREAT POINT PROPERTIES