As far as land goes, the present pipeline (those either with an accepted offer or under Purchase and Sale) are as follows:
Cannonbury lots (38 of them at $1.55M Each). Accepted Offer 5/14/17. I went into these extensively on the Old Site. It was all on one listing, which is now off market. I dont know if that means there is an accepted offer for all of them or just one. I think I figured I wouldnt pay over $500K each in a buy-it-all deal (which is still a sizable $14 Million initial investment). They were grossly overpriced at $1.55M. I think the greatest enemy of the buyer will be himself. Thats a lot of inventory for one specific out of the way area. I hope he's young! Like I said, $500K Ea for the lot of them thar lots. I guess we'll soon see whats going on here.
17 Berkeley St in Tom Nevers $539,000 This lot was on the market for quite a while (608 days) and is currently under P&S (since 3/27/17!) This is in a $1.2M or so neighborhood making it about 45% of a likely completed value, kinda high. I think that combined with the spec builders concentrating on higher ($5M+) places left this to the end user 2nd homeowner market. 2 Camelia suffered from this as well to a certain extent but there are a few builders out there doing $2M+ spec homes but their job is becoming harder by the day due to the complete lack of land in a price range that would support a spec house in the $2M-$2.5M area. At one point this was the next available lot down the price ladder from 2 Camelia, with nothing between $539K and $749K.
1 Monohansett $995,000 under contract after 253 DOM. This is a big lot (2.3 acres) but it borders the airport (as in one of your lot lines is the Airport fence). In the aerial picture they used for the listing, you can see the end of runway 6. Nantucket Airport is the 2nd busiest airport in New England in July and August. There are a few days it does more flights than Logan, making it the busiest in New England. You can build a nice spread here but it goes without saying you will have to be tolerant of jet noise, as well as fumes on occasion. If you are looking for peace and quiet, this is NOT the place unless you are only going to be there on foggy days. Aside from this, lots in this area are usually larger and have been selling for $900,000 ish. This has also been under contract for a while (since 3/22/17) which may mean they are seeing if they can get their plans approved before nailing down the purchase. These "long in the tooth" contracts seem to be more prone to kick back since they usually have more conditions put on them, so we will see. Anyway, $1M (to start, they havent built anything yet!) to be on the Airport Fence is pretty amazing to me.
31 Youngs Way $695,000 Offer To Purchase after 68 Days on the market. This is in the area of Bayberry Lane (whose lots are typically 4 times the size of this) but on a residential/commercial street, thus the RC zoning (50% ground cover so you can put a lot of stuff here!). Other recent sales of these lots have been in the $450K range. This lot being at the end of the road (alongside Ticcoma Way) would make it a little more valuable, but not this much. Regardless, it has an accepted offer and we will soon see what someone was willing to pay.
18 Bishops Rise $1,275,000 Under Contract (otherwise known as P&S or Purchase and Sale) Nearly 2 Acres. In the Dionis area, some of these lots are on a hill and have views to the north over Nantucket Sound. #14 is on the market (built in 1994, renovated (and I mean RENOVATED!) in 2015) for $3.995M with a cottage and pool, etc. Nearby 28 Swift Rock Rd sold for $4.1M in Nov 2016 but is subdividable into 2 lots. Another interesting nearby sale is 54 Eel Point Rd, sold 11/20/15 for $3.5M, a lowball offer from a $4.995M ask (which started way back in 2011 at $5.95M!). It was also subdividable and the extra lot is now for sale for $2.75M which I doubt they will get but it would make the remaining house really cheap at only $750K for a ~$2.5M house! Most other sales have been in the $2.4-2.7M range. In the end I'd like to see this lot at 18 a little cheaper, closer to $1M, but we will see what it goes for. (Update 6/28/17 SOLD $1,200,000 or about 40% of a $3M project.)
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