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
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We are celebrating our 21st anniversary. Let us reintroduce ourselves. �
We are locally owned with two offices, both on the island.
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We are consistently a leader in the Nantucket real estate market. Over $894 million in sales in the last two years.
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In 2023, we sold 24% of all listings on the island.
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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.
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We donate our money and our time. We are youth sports coaches, board members, treasurers, teachers, and protectors of four-legged creatures.
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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 donot 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 activityas 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
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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