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Nantucket prices take a deep dive!

Posted by Scott Van Voorhis August 7, 2012 12:54 PM

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I never thought I'd see the day when the median home price on Nantucket dipped below $1 million.

Long after the real estate market began to tank in 2006, prices on the seemingly gold-plated resort island, a favorite of the corporate elite, just kept going up.

No more. The median price fell to $925,000 at the end of June, down from $1.1 million in June, 2011, reports The Warren Group, publisher of Banker & Tradesman.

And in a sign of the times, two foreclosures were also listed for June, including a duplex at 8 Anna Drive that had last fetched nearly $1 million in 2006.

No anomaly, the rich are apparently taking a bath on real estate across the country now.

Homes worth $1 million and up have fallen by more than 20 percent so far this year, RealtyTrac recently reported.

Thanks to gcbma for spotting that one.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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