6 Nantucket Properties Transferred:

• Sales Totaled $8,259,500
• Highest Sale: 9 Old Westmoor Farm for $2,731,500
• Lowest Sale: 25A Daffodil Lane for $570,000

Highest sale of the week: 9 Old Westmoor Farm

4 Offers Were Accepted (Prices reflect most recent asking price):

• Highest: 11 Blackfish Lane was most recently listed for $2,795,000
• Lowest: 93 Goldfinch was most recently listed for $535,000

5 Purchase & Sale Agreements Were Executed (Prices reflect most recent asking price):

• Highest: 260 & 270 Milestone Road was most recently listed for $26,000,000
• Lowest:  5 Warren Street was most recently listed for $900,000

5 New Nantucket Properties Came to Market:

• Total Dollar Value: $4,300,000
• Highest Value: 5 Gully Road for $1,795,000
• Lowest Value: 47A Appleton Road for $499,000

New to market: 47A Appleton Road

2 Price Reductions:

• Largest Reduction: 18 Deer Run Road discounted 3 percent from original list price

Exceptional location!  This Nantucket beach house in Cliff offers 120+ feet of waterfrontage with private steps to beach – swimming and boating abound!  Capture stunning views of Nantucket Sound.  Exclusive deck perched on the dunes – perfect for relaxing and watching magnificent summer sunsets.  Includes 4 bedroom vintage cottage, allowing buyer to update this well loved summer home over time.

Exclusively Listed:  Mary Taaffe / Windwalker Real Estate / 15 Hallowell Lane

13 Nantucket Properties Transferred:

• Sales Totaled $26.2 million
• Highest Sale: 199 Eel Point Road for $11,800,000 (Windwalker RE Sale!)
• Lowest Sale: 6 Second Way for $399,000

Highest Sale of the Week: 199 Eel Point Road ($11.8 million)

5 Offers Were Accepted (Prices reflect most recent asking price):

• Highest: 8 Bunker Hill last listed for $3,999,000
• Lowest: 45 Miacomet Avenue last listed for $465,000

6 Purchase & Sale Agreements Were Executed (Prices reflect most recent asking price):

• Highest: 2 Sesachacha Road last listed for $3,600,000
• Lowest: 1 Dovekie Court last listed for $749,000

P&S Agreement This Week: 2 Sesachacha Road

9  New Nantucket Properties Came to Market:

• Total Dollar Value: $29.5 million
• Highest Value: 212 & 214 Eel Point Road $16,900,000
• Lowest Value: 9 Prospect Street $799,000

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• Listing syndication – listing exposure on Realtor.com, Trulia, Zillow, Oodle, Hotpads, Vast, & more.

“Up the Creek”

This aptly named, beautifully sited home, nestled in the pines on Madaket’s west end, looks out over Eel Point, Madaket Harbor, and straight up Hither Creek.  Listen to the roar of the Atlantic Ocean from this delightful summer home.  Ideally located on Smith’s Point, an area renowned for glorious sunsets and stunning Ocean and Harbor beaches, this bright, sunny cottage is just minutes from great swimming, boating, fishing, and crabbing.  Great rental history and expansion potential add to the value of this very special property.

$1,865,000 Now $1,650,000!

Co-Exclusively Listed:  Susie Locke & Jennifer Shalley

www.17amesavenue.com / 508.228.9117

In today’s real estate market, with historically high levels of inventory and still-declining property values, it’s ever so important to price a property competitively.  While sellers may be tempted to not leave any money on the table, overpricing a property may actually do just that.  According to Trulia.com, here’s why overpricing real estate can create problems for a seller:

“Most experts would advise that the best way to increase your odds of a successful sale is to price your home at fair market value.  But, as logical as this advice sounds, for many sellers it is still tempting to tack a few percentage points onto the price to “leave room to negotiate”.  ”To avoid this temptation, let’s take a look at the seven deadly sins of overpricing”:

1. Appraisal Problems
Even if you do find a buyer willing to pay an inflated price, the fact is that over 90% of buyers use some kind of financing to pay for their home purchase.  If your home doesn’t  appraise for the purchase price the sale will likely fail.

2. No Showings
Today’s sophisticated home buyers are well educated about the real estate market.  If your home is overpriced they won’t bother looking at it, let alone make you an offer.

3. Branding Problems
When a new listing hits the market, every agent quickly checks the property out to see if it’s a good fit for their clients.  If your home is branded as “overpriced”, reigniting interest may take drastic measures.

4. Selling the Competition

Overpricing helps your competition.  How?  You make their lower prices seem like bargains.  Nothing is worse than watching your neighbors put up a sold sign.

5. Stagnation
The longer your home sits on the market, the more likely it is to become stigmatized or stale.  Have you ever seen a property that seems to be perpetually for sale?  Do you ever wonder – What’s wrong with that house?

6. Tougher Negotiations
Buyers who do view your home may negotiate harder because the home has been on the market for a longer period of time and because it is overpriced compared to the competition.

7. Lost Opportunities
You will lose a percentage of buyers who are outside of your price point.  These are buyers who are looking in the price range that the home will eventually sell for but don’t see the home because the price is above their pre-set budget.

Most buyers look at 10-15 homes before making a buying decision.   Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.”

In today’s real estate market, most buyers looking to purchase a Nantucket vacation home are incredibly focused on “value”.  And while there are many ways to characterize and determine value, many buyers (and sellers alike) focus on the statistic of “average discount from the list price”.  However,  buyers, sellers and their agents are not always on the same page with what exactly determines the “Listing  Price” in this market statistic.  Is it the current Listing Price, the original Listing Price (which may have been established quite some time ago) or the most recent Listing Price from which they are determining this “discount”? Especially in a market where prices have changed dramatically during the past few years, it is important to clarify how the “discount to Listing Price” statistic is being calculated.

Recent Nantucket Property Sale: Time on the market = 12 months; Discount from Original List price 23%

When applying discount metrics to a specific property, it may be best to use more than one metric to arrive at the average which may most closely reflect the characteristics of the subject property.  For instance, if a buyer is interested in a property that has been listed for sale for 14 months, it would be appropriate to look at the average discounts for properties that have been on the market for a similar time period.  However, if the property has just been listed for sale, naturally the “discount” may not be as great as the market average (which includes sales that may have taken 24+ months to procure) given that the listing price on a newly listed property more than likely reflects current market pricing (as opposed to 2008 or 2009 pricing).   The overarching theme here is that it is not always appropriate to apply one market metric (ie properties are, on average, selling for 77 percent of the listing price) without accurately defining the listing price and the characteristics of the metric which you are applying.  Included below is a quick snapshot of the various current market metrics for Nantucket real estate:

Figures below represent 2011 averages through July 31, 2011 and EXCLUDE foreclosures but includes REO’s:

• 2011 Average Sale Price as a Percentage of the Original Listing Price:  77%  [This metric is appropriate for homes that have been on the market for more than 12 months given that the average months on the market for Nantucket property sales is 11 months and many properties have been on the market for more than one season]
• 2011 Average Sale Price as a Percentage of Most Recent or LAST Listing Price:  91%  [This is an appropriate metric for all properties as the LAST Listing Price more than likely reflects more current pricing, especially in the case of properties which have had price reductions]

Discount by Length of Time on the Market:

2011 Average Sale Price as a percentage of Original Listing Price for Homes on the market for more than 18 months:  60%

• 2011 Average Sale Price as a percentage of Original Listing Price for Homes on the market between 12 and 18 months: 68%
• 2011 Average Sale Price as a percentage of Original Listing Price for Homes on the market between 6 and 12 months: :  77%
• 2011 Average Sale Price as a percentage of Original Listing Price for Homes on the market for less than 6 months: 88%

Recent Nantucket Sale: Length of time on the market = 3 months; Discount from Original list = 4%

At Windwalker Real Estate, we strive to provide our clients with the most current market metrics.  For buyers and sellers alike, it is important to be armed with not only the most up-to-date information, but also the accurate information. Contact us for more information on this blog post or any other market data.

Just reduced from $1,799,000 to $1,595,000.  This is not your grandmother’s beach house!  Enjoy stunning views from this beautifully designed house complete with all the amenities you could ask for.  Three levels of carefully finished spaces include many extras such as a media room, 2 wet bars, home gym and spa bathrooms.  Visit www.12washingtonavenue.com for more information.

Exclusively Listed:  Liza Ottani & Justin Quinn

Windwalker Real Estate / 508.228.9117

6 Nantucket Properties Transferred:

Highest Sale of the Week: 10 Madaket Road $3.275 mm

• Sales Totaled: $3.34 million
• Highest Sale: 10 Madaket Road for $3.34 million
• Lowest Sale: 8 Maclean Lane for $750,000

0 Offers Were Accepted (Prices reflect most recent asking price):

4 Purchase & Sale Agreements Were Executed (Prices reflect most recent asking price):

• 32 Baxter Road ($2.495 million)
• 24 Longwood Drive ($1.495 million)
• 36 Friendship Lane ($535,000)
• 4A Mary Ann Drive ($322,000)

27 New Nantucket Properties Came to Market:

Largest Price Reduction of the Week: 55 Wauwinet Road

• Total Dollar Value: $61 million
• Highest Value: 141 Main Street $11.5 million
• Lowest Value: 23 Clarendon Street $439,000

1 Nantucket Property Returned to Market:

• Total Dollar Value: $3,275,000
• 37 Milk Street $3,275,000

10 Price Reductions:

• Largest Reduction: 55 Wauwinet Road  Price decrease of 16% to $1,495,000

5 Nantucket Properties Transferred:

Highest Sale of the Week 8 North Star

• Sales Totaled $7.56 million
• Highest Sale: 8 North Star Lane for $3.2 million
• Lowest Sale: 26.5 Bartlett Road for $525,000

1 Offer Was Accepted (Prices reflect most recent asking price):

• 12 Witherspoon Drive ($925,000)

1 Purchase & Sale Agreement Was Executed (Prices reflect most recent asking price):

• 23 Old South Road ($350,000)

23 New Nantucket Properties Came to Market:

• Total Dollar Value: $48 million
• Highest Value: 3 Sherburne Turnpike $6.75 million
  

  Largest Price Reduction of the Week: 29 Union Street

• Lowest Value: 0 Valley Drive $350,000

2 Nantucket Properties Returned to Market:

• Total Dollar Value: $1.04 million
• Highest Value: 2A Folger Avenue $599,000
• Lowest Value: 15 Park Circle $440,000

6 Price Reductions:

• Largest Reduction: 29 Union Street.  Price decrease of 14% (from original list price of $2,850,000)

Interested in Nantucket homes for sale? Contact a Windwalker Real Estate agent today for more information!