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A Publication of The Warren Group COMMERCIAL INTERESTS
Nantucket Home Prices
Still Short Of Peak
2007
$1,650,000 median price
-12.36%
156
6.54%
Sales
2008
$1,542,500
-35.90%
100
-6.52%
median price
Sales
2009
A SUPPLEMENT TO BANKER & TRADESMAN NEW-LOOK LODGING
Technology, Nightlife Transform Designs BY STEVE ADAMS BANKER & TRADESMAN STAFF
J
BY SCOTT VAN VOORHIS | BANKER & TRADESMAN COUMNIST
N
antucket mansion prices used to grab headlines. Not so much over the last couple of years, though, as eye-popping sales have gone into hibernation on the resort island. To be sure, real estate prices on Nantucket – long known as a buttoned-down haven for the corporate elite – are on the rise. But they have yet to get back to the record highs reached a decade ago. However, that could be poised to change, with a blockbuster modern estate/compound on the harbor that just hit the market for $42.5 million. Gary Winn, broker/owner of Maury People Sotheby’s International Realty on Nantucket, contends the 10-bedroom, 15-bathroom, Harbor Hill Estate has the potential to shatter price records once again on Nantucket. Winn – whose agency is handling the sale – is hardly unbiased. But he believes the sale could boost the effective ceiling for Nantucket’s priciest properties from $27 million to $28 million well into the $40 million and up range. “It’s a really great property,” Winn said. “It will get into the $40s (millions), I think. It’s a big, beautiful house on the harbor.” The size – 18,500 square feet – the location overlooking the harbor and the fact that Continued on Page 2
CREInsider The
A Wake-Up Call For Hotel Market
A Decade After Hitting Record Highs, Island Median Prices Remain In Low 7 Figures
A Decade Of Sales On Nantucket
massachusetts
2010
$1,142,000 median price
56.19%
ust like office space and apartments, hotels are changing to reflect the preferences of Millennials. For the lodging industry, that means a shift toward do-ityourself check-ins, smaller and less expensive rooms and high-energy common areas that convert from breakfast bars to co-working spaces to nightclubs after dark. An infusion of independent hotels and brand extensions by major chains is changing the face of the Hub hospitality market. New flags making inroads in Greater Boston include Yotel, Hyatt Centric, citizenM, AC by Marriott and Moxy Hotel, another new Marriott concept. While they cater to younger, sophisticated business and leisure travelers, many of the new lodging templates have the added benefit of reducing development and operating costs in one of the nation’s most expensive and high barrier-to-entry markets. Limited-service formats with Continued on Page B4 BOSTON 2030
164
-6.01%
Sales
2011
$1,172,500
-10.37%
147
2.67%
median price
Sales
2012
Mayor’s Ambitious Housing Plan Gets High Marks After Two Strong Years There’s Still Much Work To Be Done BY JIM MORRISON BANKER & TRADESMAN STAFF
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CONTENTS
In Person ������������������������������������������������������������������ 7
Classified Sections ������������������������������������������������� 10
Points ����������������������������������������������������������������������� 4
Residential ��������������������������������������������������������������� 8
CRE Insider ������������������������������������������������������������ B1
oston Mayor Marty Walsh’s ambitious Boston 2030 plan to manage the city’s expected population growth earns praise for meeting many of its lofty goals, but with more cuts in federal funding anticipated, making progress in creating affordable housing for Boston’s oldest and poorest residents is getting harder than ever. First written in 2014, the plan has to date incorporated input from multiple city departments, housing advocates and roughly 14,000 residents. Progress on many of the metrics has been on or ahead of schedule
By The Numbers ������������������������������������������������������� 6
Banking & Lending ��������������������������������������������������� 9
Records Section ������������������������������������������������������ C1
Continued on Page 8
$1,215,000 median price
105 Sales
5% -21.23%
$1,120,000
24.49%
183
-4.48%
median price
Sales