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Stratospheric prices on Nantucket

Email|Link|Comments (4) Posted by Kimberly Blanton October 11, 2007 06:12 PM

"Nantucket isn't for everybody. But isn't that the point?"

These are the words of Manhattan attorney Stephen Meister, as quoted by the Chicago auction house Sheldon Good & Company Auctions, which Meister has recently hired to sell off three Nantucket properties he owns.

As though to make Meister's point, the trio of properties are fairly typical of the out-of-reach prices on an exclusive island that has seen astounding appreciation in recent years.

21 Gardner Road, a "compound," has views of Nantucket's harbor and deeded beach access. Minimum bid: $7.65 million.

7 Davis Lane, a five-bedroom, steps from Cisco beach. Minimum price: $2.55 million.

3 Warren Street is a steal: $1.15 million minimum bid for a three-bedroom Quaker-style home on Town Street near the shops and restaurants.

Meister is a founding partner of the firm Meister, Seeling and Fein, and his wife, Melissa Meister, is an architect.

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4 comments so far...

I am a home owner since 1999 and I can assure you that Nantucket prices have increased 2 1/2 times during that period. I compare Nantucket with Naples, FL that is lagging a little behind Nantucket in increase on beach property. However, I am not impressed with the prices in this article. There are far more better examples.

Posted by Tom Beal October 12, 07 11:05 AM

We've been working with multiple Buyers from Nantucket who purchase second homes in downtown Boston for both vacation and investment purposes. Unlike coming from most other areas of the country, buyers from Nantucket aren't shocked by the price per square foot numbers of Boston city-center condos.

Posted by Boston Condo Guy October 13, 07 04:05 PM

wow, your idea of high prices on Nantucket is quite out of whack. Take a look at some statistics from one of the brokerage sites. I think the average LOT goes for over $1M... the high end is represented by properties like Tyco Tycoon/crook Dennis Kozlowski's house which is going for around $20M (dropped from $23M - what a steal)

Posted by manfmnantucket October 16, 07 01:25 PM

I think real estate prices in Nantucket are bit over-stated. Here is what I found on current real estate sales in Nantucket

Posted by James October 19, 07 05:21 PM