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real estate market update: Nantucket real estate market update - June 15, 2007 - 07/15/07 09:28 AM
By:  Brian-Logan Reid, Broker
Well Wine Festival and Memorial Day/Figawi came and went and the inventory continues to grow, despite a handful more properties going under agreement. 
The entry level of the market, those properties under $1mm, appears to be growing in size and I anticipate some price softening as properties stay on the market longer and the would-be buyers who need financing will find it more difficult to secure affordable financing as lenders tighten up their standards. 
The middle of the market, those properties between $1.5mm and $4mm, still shows strength, but only those properties that are priced correctly from the time they get … (0 comments)

real estate market update: Nantucket real estate market update - July 1, 2007 - 07/15/07 09:26 AM
By Brian-Logan Reid, Broker
Well summer is officially here and the market appears to be picking up a bit along with the glorious weather!  While the inventory continues to grow, there still are properties being acquired at all price points, which is a good sign.  But with the growing number of properties on the market, I do expect some softening of prices particularly at the price point of $2mm and under (where the bulk of the inventory lies).  It still remains the case that properly priced properties are still being gobbled up rather quickly (typically in less than 2-3 weeks). 
These factors, though, bode … (0 comments)

real estate market update: Nantucket real estate market update - July 15, 2007 - 07/15/07 09:25 AM
By Brian-Logan Reid, Broker
Perhaps prompted by the warmer weather, the buyers have stepped up and started acquiring Nantucket real estate again.  Following the typical seasonal pattern, the late spring/early summer is showing that buyers are stepping back into the market, even though it is not at the same pace as the past two or three years. 
According to the "Real Estate Report" (Nantucket Indpendent, 7/11/2007), there have been 193 total transactions worth about $331 million, while the same period in 2006 saw a total of 249 total transactions worth about $484 million. 
Other notes from the report:
for the first time in five years, the average and … (0 comments)

 

Brian-Logan Reid, Former Associate Broker, Realtor

Nantucket, MA

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