Nantucket Vacation Rentals and Real Estate
More and more visitors to Nantucket are choosing the relaxing vacation lifestyle that is best enjoyed in the quiet seclusion of a lovely private home or cottage. Despite the fact that Nantucket has strict building regulations, it has an active and extremely pricey real estate and new-construction market. In 2000, the average inventory was about 350 homes, which was considered low, but then builders weren't constructing as many speculation houses.
The low end of the market is high here. A basic home or handyman's special can go for $250,000 or more, and new three-bedroom or four-bedroom homes can start at $700,000. That's understandable when you realize that the cost of land--which is limited on an island--is very high here. The price of most available lots is as much as most people would expect to pay for a house and lot elsewhere. If you can afford it, there are some great listings in the higher end of the market. You can get a classic antique in the heart of the historic district for anywhere from upwards of $1 to 8 million, and a waterfront estate may go for $10 million and up.
Nantucket's land bank tax plays an integral role in the real estate scene, with 2 percent of the price from the sale of land or a building going into the fund, which is used to buy and retain land for preservation.
Some of Nantucket's larger real estate offices have a rental department, in case the price of buying is out of the question or you're here strictly for R&R. The Nantucket Listing Service, which is comparable to MLS, is another resource for prospective buyers.
The following agencies represent the best sources on the island for real estate purchases and rentals.
Coffin Real Estate
51 Main St
(508) 228-1138, (800) 662-8260
Open year-round, since 1963 this long-standing and experienced real estate office of nine brokers and agents offers seasonal and vacation rentals, and residential and commercial land sales.
Congdon & Coleman Real Estate Inc.
57 Main St
Established in 1931, Congdon & Coleman is one of Nantucket's oldest firms. The full-service company offers sales, appraisals, year-round rentals, and summer rentals by month or season. The office is open year-round and has about 14 brokers.
Denby Real Estate Inc.
5 N. Water St.
Established in 1967, Denby Real Estate, Inc. has been providing expert service to Nantucket for 33 years. With 10 brokers and sales representatives, their knowledge and experience can help you arrange a summer rental from a selection of over 800 homes. Rentals range from weekly rates of $1,500 per week to $125,000 for seasonal waterfront property. The office also does appraisals and subscribes to the Nantucket Listing Service.
5 S. Beach St
Island Properties offers both sales and rentals (long- and short-term). Home sale prices range from $250,000 to several million dollars. The experienced rental agents here pride themselves on finding just what you are looking for. Rental rates will vary depending on location, size of the house, and proximity to the water. The 12-year-old firm has a staff of seven and is open year-round.
The Maury People, Inc.,A Resort Quest Company Exclusive Affiliate of Sotheby's International
35 and 37 Main St
(508) 228-1881 Sconset at the Rotary
One of the largest and most active real estate sales and rental offices on Nantucket, The Maury People, a Resort Quest Company, has extensive sales listings throughout the island and approximately 1,500 rental listings. Open daily year-round (the Sconset office is open June through September), the Main Street office has 20 Realtors on staff and has been doing business on Nantucket for 30 years. The specialties here are historic and beach homes.
Rental properties represent a range of rates: beach cottage may rent for $1,500 per week, an estate for $35,000 a week. The price of houses may range from a $200,000 home to a $5 million estate. Importantly, their inventory is constantly updated and their knowledgeable rental agents have a computerized catalog of available homes at their fingertips.
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