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The Nantucket Life

Buying a Home

Spring has Sprung

 

One of the signs that spring has sprung is the increase in Nantucket Real Estate Sales inventory.  Many sellers opt to unlist their properties for the winter.  This is due to the off season for tourism, as well as homes being closed down for the winter.  But it starts to smell like Spring and suddenly there’s a lot for sale.

We’ve had a lot of questions about the rental market this year.  What I’ve noticed is that during the off season, the rental market comes and goes in waves.  Right when the Steamship puts the car ferry tickets on sale everyone starts thinking about their Nantucket getaway.  After that initial flurry of rentals come in we go into a few dormant weeks.  Another wave occurs around tax time when folks get their tax returns.  A third wave hits when Spring officially arrives.  I don’t mean arrives on the calendar, I mean when the sun starts to feel warm on your skin, and the daffodils are in full bloom and it feels like summer is right around the corner.  There have been many questions on the effect of the new rental tax.  I think it might be a little early to tell.  I think next season we will have a better take on how the tax has effected the rental market.  The fact is… it has to be paid.  Uncle Sam doesn’t do negotiations.

Happy Stroll!

 

The Holiday Season is upon us.  We end the season here on Nantucket the same way we begin. Wine festival followed abruptly by Figawi, and before you know it, Thanksgiving followed immediately by Stroll.  Black Friday for us marks the day Christmas goes into overdrive.  The trees go up in a day, we hold a jolly ceremony to light them all at once and then the week leading up to Stroll they are decorated.  It’s a real bona fide Santa’s workshop here on island.  An entire month of merriness, shopping and parties. You can smell balsam fir all the way to ‘Sconset.  Nantucket is the closest you can get to Whoville on the entire east coast (this weekend you may even see outfits inspired by Dr. Seuss).  If you’re looking for real estate, this is a great time to see the town lit up, and how the community turns out (locals and visitors) to celebrate how special the island is, and that we’re not just a summer destination.

The proposed rental tax was not passed in 2018 even though the State Senate and House passed it.  Governor Baker didn’t sign the bill but sent it back with revisions.  It is unlikely that it will be passed before the new term in 2019.  If the bill passes early in 2019 there would likely be a grace period until at least March for any new leases.  The commonwealth doesn’t have the infrastructure in place to start the process currently, and towns haven’t voted on what they might charge.  We will continue to keep you informed of this upcoming rental tax.

That said, it’s a good idea to get leases signed for the Summer of 2019 as early as possible.

Stop by 8 Federal Street this weekend if you have any questions or just to say hi to our in-house Nantucket experts.